Delhi based, MSME focused, digital lender Prest Loans has signed up a strategic alliance agreement with Mumbai based U GRO Capital, a BSE listed technology enabled NBFC, to provide secured business loans to Micro SME business units. Under this arrangement Prest Loans shall offer U GRO Capital’s ‘GRO Micro’ product to its small businesses and MSME customers in tier 3 and tier 4 cities who lack the access to formal credit at affordable price without requirement of too many documents.
Mr. Ashok Mittal, CEO, Prest Loans said, “We are delighted with our alliance with U GRO Capital as this will help us to increase our presence and expand the reach to offer this collateral based, small ticket MSME loans to our customers who are in dire need of funds at this point of time to grow their business.”
“There is lot of synergy, philosophical match between both entities which will help us to serve the most deserving and underserviced businesses in smaller towns across the country,” Mr. Mittal added.
Mr. Shachindra Nath, Executive Chairman and Managing Director, U GRO Capital, said, “U GRO Capital is built on the philosophy of ‘solving the unsolved credit gap’ of small businesses. Our ‘GRO Micro’ business was started with a view to reach out to the unserved and underserved small businesses in the remotest locations across the country. The partnership with Prest Loans in another step in the direction to achieve our vision. It is heartening to share the technology-led philosophy and this alliance will sit perfectly under our ‘GRO – Xstream’ platform which enables co-lending partnership with like-minded financial institutions. We look forward to nurturing our partnership to create an on-ground impact and are confident that this initiative will support the Government’s ‘Atmanirbhar Bharat’ program.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.