FinTech company ZipLoan has announced its co-lending partnership with MSME lending fintech platform U GRO Capital limited to reach small businesses. Under the partnership, U GRO has committed INR 50 crore for the MSME market.
This partnership is part of ZipLoan’s long-term growth strategy of penetrating India’s FinTech markets. The company will be sourcing, underwriting, disbursing managing the portfolio of MSME loans. U GRO Capital is also trying to build a strong ecosystem of FinTech players who can benefit from its API-driven technology and data-driven underwriting.
ZipLoan provides loans to small businesses using its technology-enabled platform. The company promises credit in a fast and hassle-free manner. It was founded back in 2016 and has already has disbursed INR 450 crores of business loans to over 11,000 customers to date. The company is currently operational in 5 cities of India.
Speaking on the development, Kshitij Puri, Co-Founder and CEO, Ziploan, said, “We are excited to partner with UGRO to help provide the much-needed credit to the MSME eco-system. These businesses are the backbone of the Indian economy and need capital as they bounce back post Covid. We believe the next 3-4 years will see rapid growth in the MSME segment and we intend using a digital first approach to address their needs. It is a pleasure to partner with UGRO in what we know will be a strong and long-standing association. As we advance in our journey, we look forward to this partnership and hope to address the credit pain points of our customers in the most effective manner.”
U GRO is a listed MSME lending fintech platform that aims to serve small business credit need with its technology driven platform. The company has already raised around INR 2500 crore of equity & debt capital from marquee Private Equity Investors, Family Offices, Banks and other Financial Institution over last 3 years.
