“Can a DataTech NBFC capture India's massive MSME credit gap by becoming the embedded lending engine behind payment ecosystems, merchant platforms, and government procurement networks?”
Founded in 2018 as a restructured NBFC shell (formerly Chokhani Securities), UGRO Capital was relaunched by Shachindra Nath as a DataTech MSME lending platform. It built a proprietary AI/ML credit-scoring product (GRO Score) and a branch network targeting underserved small businesses across India. The company's strategic pivot from branch-based lending toward embedded finance accelerated through LSP partnerships with payment ecosystems (PhonePe, BharatPe, Paytm, Rupifi) and culminated in the 2024 acquisition of MyShubhLife, positioning UGRO as a full-stack embedded credit provider for micro-merchants alongside its traditional LAP and equipment finance books.
Ugro Capital's lending and capital products are provided by rupifi.
Ugro Capital was founded by Shachindra Nath and is founded in 2018, headquartered in Mumbai, Maharashtra, India.
Ugro Capital has raised ₹2,400+ crore (since inception) in total (latest round: Compulsory Convertible Debentures + Warrants, May 2024).
Get a read on where your own stack stands against Ugro Capital and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.