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Ugro Capital

“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?”

Founded2018
HQMumbai, Maharashtra, India
FoundersShachindra Nath
Total raised₹2,400+ crore (since inception)
Latest roundCompulsory Convertible Debentures + Warrants, May 2024
IndustryFintech / Lending
The story

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.

Last 12 months
2024-05
2024-05
2026-04
Product timeline
2018
Acquired and restructured Chokhani Securities Limited; rebranded as UGRO Capital; listed on NSE and BSE as India's first listed NBFC startup.· pivot
2019
Launched GRO Score, a proprietary AI/ML-driven credit scoring engine for MSME underwriting.· lending
2021
Expanded distribution network to 300+ Emerging Market branches across 13 states; IPO.· ipo
2023
Launched embedded financing partnerships with PhonePe, BharatPe, Rupifi, Paytm and other payment ecosystems to deliver merchant credit at point of need.· lending
2024
Acquired MyShubhLife (MSL), an embedded finance fintech platform for small shopkeepers and distributors, for ₹45 crore; became wholly owned subsidiary.· acquisition
2024
Went live as first-wave lender on GeM Sahay platform, enabling MSME sellers on Government e-Marketplace to access instant cash-flow loans.· lending
2026
Reported FY26 full-year PAT of ₹174.8 crore; total AUM ₹15,334 crore; Embedded Finance AUM ₹2,280 crore; announced no equity raise through FY29.· banking
Regulated entities
1
regulatory licence held by Ugro Capital
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
Same company
Ugro Capital was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
U Gro Capital0 layers →
The stack
1 layer disclosed in Ugro Capital’s embedded-finance stack
Lending
rupifiLoan Against Property (LAP)Embedded Financing (merchant credit at point of need)Machinery & Equipment FinanceGEM Sahay Cash Flow LendingMyShubhLife merchant embedded finance (daily/weekly instalment, overdraft)Working capital loans via LSP network
Accounting gap: minor