Business Standard

Don’t miss the latest developments in business and finance.

Ugro Capital raises Rs 250 crore in debt from Asian Development Bank

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

Bs_logorupee, loan, indian rupee
Ugro has an asset under management of Rs 8,363.8 crore as of December 2023 | Photo: Pexels
Press Trust of India Mumbai
1 min read Last Updated : Jan 31 2024 | 10:16 PM IST

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.

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.

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.

Also Read

Topics :MSMEDebtAsian Development Bankfundings

First Published: Jan 31 2024 | 10:15 PM IST

Next Story