Unicorn Yubi: U Gro partners with Unicorn Yubi to share co-lending platform
The digital lender, which is focused on the micro, small and medium enterprise (MSME) sector, aims to disburse loans worth around ₹2,000 crore this financial year through this tie-up.
The platform created by Yubi (formerly CredAvenue) has so far served ₹5,000 crore in co-lending loans and ₹1,600 crore in supply chain finance.
“We aim to bridge the credit gap of MSMEs in India; the partnership will create one of the largest co-lending partnerships, and we aim to disburse loans worth more than ₹2,000 crore by March 2023,” said Shachindra Nath, managing director of U Gro Capital.
U Gro Capital crossed an AUM of ₹3,650 crore and also recorded the highest disbursement figure of ₹1,359 crore in the June quarter.
The company has signed 18 co-loan partnerships, including with
Bank of Baroda, and .
“Through this alliance, U Gro Capital will have access to Yubi Co.Lend’s vast network of banks, financial institutions and fintechs through a unique Application Programming Interface (API) integration to provide credit to underserved sectors nationwide.” , said Irfan Mohammed. , Business Manager, Yubi.
Yubi, backed by Sequoia, is a Chennai-based fintech player that facilitates debt financing by connecting lenders and investors with borrowers through an online marketplace. It has partnered with over 240 co-lending partners and 500 lenders.