U GRO Capital Limited (formerly known as Chokhani Securities Limited) has launched its operations in Karnataka. The BSE listed-small business lending platform has opened its Bengaluru office is part of U GRO Capital’s strategy to disburse loans between Rs 10 lakhs and 5 crores to small businesses operating in eight identified sectors.
“Bengaluru is a huge SME hub especially in the healthcare, education and automobile component spaces which are our chosen sectors. We hope to make a positive impact to these customers by providing aspiring entrepreneurs of the state with customized solutions. We wish to partner with them on their growth journey,” said Shachindra Nath, Executive Chairman & Managing Director, U GRO Capital.
In the initial phase, U GRO Capital will have 9 branches in Ahmadabad, Delhi, Pune, Hyderabad, Chennai, Bengaluru, Kolkata, Jaipur and Mumbai, which will overlap with large SME clusters. The company has evaluated 1,300 channel partners (basis multiple parameters like portfolio performance, technology readiness), of which the company has narrowed down on approximately 130 partners. U GRO Capital has also developed a next generation, big data driven lending platform which leverages digital capabilities across the value chain – customer acquisition, credit underwriting, and post-disbursal monitoring.
Founded initially in 1993, the company has been acquired by Shachindra Nath, a financial services veteran, who aims to create highly customized customer journeys by building sector specific products, assessment frameworks and distribution networks. The company has raised Rs 950 Crores of equity capital from a diversified set of Institutional Investors and well-known family offices and aims to bridge the credit gap across 8 high potential sectors like auto components, chemicals, education, electrical equipment and components, food processing & FMCG, hospitality, healthcare and light engineering.
The company strives to build a strong SME financing platform based on sectoral understanding supplemented by a fully integrated technology and analytics platform. U GRO has a diverse management team with over 250 years of combined experience across the financial spectrum.