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ZipLoan and U GRO Capital enter co-lending partnership; INR 50 crore committed towards the program

(FASTMAIL) - ZipLoan, an RBI registered FinTech leader in India, announced that it has tied up with U GRO Capital limited, a listed, MSME lending fintech platform. U GRO Capital has onboarded us on their Co – Lending marketplace GRO X – Stream enabling a co-lending partnership and have committed Rs. INR 50 crore towards the program. This will strengthen ZipLoan’s mission to be able to meet the working capital requirements of MSME and deepen their presence in this sector. ZipLoan will be sourcing, underwriting, disbursing managing the portfolio of MSME loans. The partnership is also in sync with ZipLoan’s long-term growth strategy of strengthening its foothold in India’s growing FinTech markets by bolstering its leadership ranks. U GRO Capital, has consistently been building an ecosystem of FinTech players who can benefit from its API driven technology and data driven underwriting
 ZipLoan was founded in 2016 with a mission to ensure easy availability of working capital loans to small business owners in India. Its technology-enabled platform is well equipped to offer credit in a fast and hassle-free manner. Through ZipLoan's proprietary risk assessment also called ‘ZipScore’, the FinTech platform is able to provide business loans of up to INR 7.5 lakhs in the fastest turnaround times possible, while maintaining favorable unit economics. Till date, ZipLoan has disbursed INR 450 crores of business loans to over 11,000 customers, and the company’s partnership with UGRO is set to further elevate those numbers.
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 next 3-4 years will see a 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.”
Speaking on the same, Shachindra Nath, Executive Chairman & Managing Director, U GRO Capital Limited, said, “We are pleased to on board Zip Loan on GRO – Xstream platform of U GRO. GRO – Xstream means GRO Accelerator which is emerging a preeminent platform to provide capital to serve the underserved MSME market. We believe that over period of time large lending institution can also benefit with our technology integration with these platforms and provide more capital to each of our partner on the platform”
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