IDBI signs joint loan agreement with Ugro Capital

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BSE is MSMEUGRO has entered into a joint loan agreement with IDBI Bank to provide formal loans to underserved MSMEs at affordable rates.

“Leverage Partnership” ugro ​​capitals In addition to the company’s deep sector understanding and multi-channel delivery reach, the agreement states that it is a digital technology platform powered by a data tripod consisting of GST, banking and bureaus.

You Grow Capital has built the Grow-Xstream platform. It integrates with one bank and multiple banks through API. fintech, Payment Platforms, NBFCs, Neobanks, Marketplaces and other digital platforms.

“In the early stages, Bank Through this platform, we plan to co-loan with loans initiated by U Grow Capital’s distribution network, but in the future, other participants on the platform will also have access to capital through this platform. “where did it go.

“Once fully functional, the Grow-Xstream platform has the power to free up and democratize MSME credit. India By leveraging the skills of the Bank on the loan side and UGRO capital, origination partners and the underwriting engine on the asset side. “

Suresh Khatnahar, Deputy Managing Director, IDBI Bank, said about the collaboration in collaboration with Mr. Rajiv Kumar, Executive Director, Agriculture in MSME and Retail Banking at IDBI Bank: In the case of MSMEs in India, the U Grow platform not only builds on the delivery engine. loans through, but many other fintechs and NBFC Who can access capital through this integration? IDBI Bank is committed to contribute to the mission of a self-reliant India by expediting credit to MSMEs in India and providing affordable credit to MSMEs. “

Shachindra Nath, Executive Chairman and Managing Director, U Grow Capital, said of the development: IDBI Bank.. We are witnessing increased utility of data tripods: GST, the inflection point of MSME lending by banks and bureaus. Such collaborations further facilitate India’s MSME financial inclusion efforts. “

“This arrangement is with field expertise” Technology.. This partnership will not only benefit You Grow, but will ultimately benefit all other fintechs and NBFCs that are integrated with the Grow-Xstream platform. We look forward to fostering this relationship to support more MSMEs and enable their revival and growth,” Nath said.

This first appeared on TechGraph after IDBI signed a joint loan agreement with Ugro Capital.

IDBI signs joint loan agreement with Ugro Capital

Source Link IDBI signs joint loan agreement with Ugro Capital

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