Latest News | Ugro Capital Raises Rs 250 Cr in Debt from ADB

Mumbai, Jan 31 (PTI) MSME-focused non-banking lender Ugro Capital on Wednesday said it has raised Rs 250 crore in debt from the Asian Development Bank (ADB).

The funding from the developmental lender through subscribing to its non-convertible debentures will be used for on-lending.

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The company had raised a similar amount of debt in December 2023 through a similar debt sale from the Dutch entrepreneurial development bank FMO.

Ugro has an asset under management of Rs 8,363.8 crore as of December 2023.

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Over the last five years, it has raised a total of Rs 9,137.8 crore in equity and debt from diverse institutional sources, Ugro founder and managing director Shachindra Nath said.

Suzanne Gaboury, director-general for private sector operations at ADB, said MSME finance is a key driver for financial inclusion, and Ugro's efforts at solving the credit need of small businesses are in line with the bank's vision of promoting inclusive and sustainable prosperity in Asia and the Pacific.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)