The Poonawallas and Flipkart co-founder, Sachin Bansal, will invest around Rs. 100 crores in small businesses lending platform – ‘U Gro Capital’. As per the Economic Times, the transaction will be undertaken through two separate securitisation and bond deals. The securitisation deal has already been done with Poonawalla Finance, which owns India’s largest vaccine maker, Serum Institute of India. U Gro Executive Chairman, Shachindra Nath said that the funding will be used to fund business expansion.
A Business Line Report stated that the pegs the investment at Rs. 75 crore, of which Bansal has invested Rs. 50 crore and Poonawalla Finance – Rs. 25 crore. BSE-listed ‘U Gro’ had raised $140 million since December 2017 from various global private equity firms.