Listed non-banking finance company (NBFC) UGRO Capital has raised INR 1,265 crore ($151.6 million) through compulsory convertible debentures (CCDs) and warrants, a slight shortfall of 5% from its initial capital raise target. This announcement came over a month after the company declared its intention to raise funds.
To secure the capital, UGRO Capital allotted CCDs worth INR 258 crore and warrants valued at INR 1,007 crore to various investors. Among these, an existing backer contributed INR 500 crore via warrants, while Singapore-based fund Aregence Capital and several family offices also participated in the funding round.
The fresh infusion of funds will bolster UGRO Capital’s capacity to expand its lending operations and enhance its financial services offerings. The company continues to focus on providing tailored credit solutions to small and medium enterprises (SMEs) across India.
UGRO Capital’s recent fundraise is part of its broader strategy to support its growth ambitions and strengthen its balance sheet. The participation of established investors underscores the confidence in UGRO’s business model and its potential for long-term growth.
This fundraising achievement follows UGRO Capital’s ongoing efforts to secure strategic investments to fuel its expansion and operational capabilities. Despite falling slightly short of its target, the substantial funds raised will significantly contribute to the company’s objectives.
With this latest capital raise, UGRO Capital is well-positioned to continue its mission of empowering SMEs with vital financial support, thus contributing to the broader economic growth and development of the sector.
