U GRO Capital launches end-to-end lending platform ‘Sanjeevani’ to help 500,000 MSMEs

In a bid to help the pandemic hit MSMEs, U GRO Capital, a Mumbai-based fintech company, on Saturday announced the launch of “Its end-to-end digital lending platform ‘Sanjeevani’ to boost the capital-starved MSME sector in India.”

In a statement issued, U GRO Capital said, “The company has built a deep digital architecture that is empowered by video-based KYC, Personal Discussions and algorithm-driven predictive risk tools to launch an industry-first program that will accelerate instant loans (both secured and unsecured), up to INR 2 crore so that businesses can be re-started and the economy can recover from a three-month hiatus. To be launched on July 1, the program also offers an in-built, upfront, moratorium up to three-months to aid businesses whose working capital cycles have been disrupted either by supply chain breakages, labor issues or adverse cash flows during the COVID-19-induced national lockdown.”

“Sanjeevani, will ease the borrowing experience and quicken the loan disbursal process of MSMEs particularly in a Covid-19 environment where physical verification comes with its own set of challenges. The entire process, from filling the application form, sharing documents, and getting disbursal of the loan can be completed from your workplace within 3 – 5 business days depending on the availability of the relevant documents with the applicant. This is by far an improvement as compared to weeks earlier for disbursals in this segment,” the statement added.

Speaking on the launch, Shachindra Nath, MD & Executive Chairman of U GRO Capital said, “U GRO Capital was set up as a business to provide a lease of life to the unsolved credit needs of the MSME sector, empower the sector, uplift the economy and create new jobs in the community. Currently, the MSME sector is reeling under the aftermath of Covid-19. So far, the Government has offered an INR 20-trillion financial package to help revive lending to micro, small and medium enterprises (MSMEs) and protect incomes of individuals.”

“Despite the efforts by the Government and the lenders, the sector is set back by labor issues and lack of income generation. Sanjeevani is poised to benefit the sector with timely access to capital, critical to revitalizing the health of the economy. We believe our commitment through this program will aid several entrepreneurs across the country to revive their businesses,” Nath added.