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Small business-focused fintech UGRO Capital has raised Rs 250 crore ($30 million) through Non-Convertible Debentures from the Asian Development Bank (ADB).

The fintech platform will utilise the funding to continue developing its technology and credit expertise to provide multi-channel services to MSMEs across various sectors.

UGRO Capital has amassed an asset under management of Rs 8,363 crore as of December 2023, and has raised Rs 9,137 crore in equity and debt over the past five years. In December 2023, UGRO secured Rs 2,50 crore in financing from FMO, a Dutch entrepreneurial development bank.

“MSME Finance is a key driver for financial inclusion, and our mission to solve the small business credit need is in line with our vision of promoting inclusive and sustainable prosperity in Asia and the Pacific,” said Suzanne Gaboury, ADB Director General for Private Sector Operations.

“We are confident that together we will positively impact the lives of MSME borrowers. This collaboration is consistent with our commitment towards greater financial inclusion in India,” he added.

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Over the past five years, it has lent to around 90,000 small businesses.

UGRO Capital is a datatech lending platform listed on the NSE and BSE and aims to solve the small business credit gap in India. The company’s data analytics and technology architecture enables customised sourcing platforms for each channel, including GRO Plus, GRO Chain, GRO Xstream, and GRO X application, it said in a statement.

The company is backed by institutional investors and aims to capture a 1% market share over the next three years.