U GRO Capital bagged the award for Best Mobile App Initiative at DNA 2023 Awards from Banking Frontiers Jury. Highlights of their nomination:
U GRO Capital uses its strong distribution reach and data-tech methodology to solve the small business credit gap in India. Its term loan programs are ideal for MSMEs, regardless of their specific requirements. It has secured and unsecured loan products and has partnered with large OEMs to provide an end-to-end solution.
The company’s data analytics capability and strong tech architecture provide customized sourcing platforms for each sourcing channel.
Among its several financial products to bridge the gap of credit availability for small businesses, there is ‘Credit line on UPI’, aimed at meeting the working capital needs of merchants. Loans under ‘Credit line on UPI’ are offered through an app, GRO X. What is promised is short-term finance with on-tap, multi-channel offering and the flexibility of making and receiving payments via UPI and bank transfer. And just by using a mobile phone.
The app today has some 20,000 users. U GRO Capital claims the app was developed blending digital lending, digital payments and self-servicing. It is also co-browsing powered.
GRO X is a self-help and DIY product and customers can come on board in a manner and speed of his or her choice. It not only provides credit limit on-the-go, but allows customers to dispense that limit.
It is a cloud-based app, with chatbot support built-in along with multiple machine-led rules enabling critical functions like approving or rejecting a prospect. It uses advanced credit underwriting models, advanced machine-led checks to counter fraudulent footprints, OKYC, eMandates, face liveliness and geo-tagging-led checks.
The company’s main intention in developing and operationalizing the product is to make credit available at the click of a button. It is expected to benefit some 300,000 micro enterprises in the next 3 years. U GRO Capital has taken up this project by blending digital lending, digital payments and self-servicing, solely targeting the segment where credit penetration is a problem.