Money & Banking

U GRO Capital, Bank of Baroda team up for co-origination loans to SMEs

Our Bureau Mumbai | Updated on October 07, 2019

Shachindra Nath (left) Executive Chairman of U GRO Capital exchanges ‘GRO- Xstream’ partnership documents with VS Khichi (right) Executive Director of Bank of Baroda, after entering into a loan co-origination partnership in Mumbai on Monday.

U GRO Capital, a technology-enabled lender to small businesses, has entered into a loan co-origination partnership with Bank of Baroda. For BSE-listed U GRO Capital, this is the first loan co-origination partnership.

The partnership aims to offer customised lending solutions at a competitive rate of interest with a significant reduction in turn-around time to SMEs. This by deploying U GRO Capital’s co-lending technology platform ‘GRO-Xstream’, the company said in a statement here today.

“This partnership is a validation of our knowledge-driven approach (sectoral focus) backed with technology along with the highest levels of corporate governance,” Shachindra Nath, Executive Chairman of U GRO Capital said.

GRO-Xstream offers big banks and other large financial institutions to choose customers as per their selection criterion while utilizing U GRO’s proprietary underwriting engine. It also enables smaller NBFCs for co-lending partnership with U GRO.

“We are committed to working jointly with various partners to support MSMEs, and we have entered into these MoUs to enhance our footprint in delivery of products and services in the MSME eco-system,” said V. S. Khichi, Executive Director at Bank of Baroda.

U GRO, founded by financial services professional Shachindra Nath, had raised about $140 million from a set of global private equity investors in December 2017. The investors included NewQuest, ADV Partners, PAG and Samena Capital and public market investors such as Abakkus, PNB Metlife and multiple Indian family offices.

Published on October 07, 2019

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