Ugro Capital announced the launch of 'GRO Micro', a dedicated distribution channel to aid lending services specifically for the unorganized Micro Businesses based in non-metro markets. The Company announced that it has expanded its distribution network by adding 25 branches across 5 states - Karnataka, Tamil Nadu, Gujarat, Telangana, and Rajasthan.
With this geographical expansion under the flagship of 'GRO Micro', the Company aims to offer small ticket loans - secured against property, as well as unsecured loans, to micro businesses.
Based on its internal research, the Company found that there exists an opportunity to connect with over 5 million MSMEs in target markets, away from the urban centers.
These small businesses in Tier 2 and 3 regions face a lack of formal capital infusion due to insufficient database and unavailability of requisite documents. This sector alone presents a huge market opportunity prompting the Company to launch a dedicated vertical called GRO Micro to cater to these businesses.
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