India-based U GRO CAPITAL has reportedly received INR 400 crore ($53.4m) in a mixture of non-convertible debentures (NCDs), term loans and commercial papers.
These funds were supplied by several unnamed private and public banks, according to a report from Techgraph.
The company offers a variety of business loans including healthcare, education, chemicals, food processing, auto components, lighting engineering and more. It targets small businesses through customised loan offering that meets their needs.
U GRO CAPITAL’s assets under management stood at INR 847.4 crores ($113.4m) as of June 2020, the article claims.
Fellow India-based FinTech company Jodo, recently bagged RS 28.5 crore ($3.8m) in seed funding. The startup offers financial products to middle-income households in urban India, helping families to pay school fees monthly to help reduce the financial burden they pose.
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