U GRO Capital, a listed MSME lending fintech platform, today announced that it has signed a Memorandum of Understanding (MoU) with India Health Link (IHL), a digital health and medical device start-up, to support building Covid Infrastructure through IHL’s solutions – health Pods (hPod) and IHL Care platform. hPod is a stand-alone health kiosk providing non-invasive (automated) screening of more than 20 essential vital parameters including Blood Pressure, Heart Rate, 6 Lead ECG, Temperature, Respiratory rate, Oxygen Saturation, among others, under 5 minutes. It also helps in monitoring, detecting and maintaining Covid cases immediately.
U GRO Capital’s efforts are in line with the Reserve Bank of India’s provision of Rs. 50,000 Crores on tap Term Liquidity facility to easy access to Emergency Health Services. The company expects to disburse around Rs. 200 crores loans up till June 2022 under this scheme and it expects IHL Care to be a big contributor to this effort through this partnership.
ShachindraNath, Executive Chairman & Managing Director, U GRO Capital, said, “It gives us immense pleasure to collaborate with India Health Link, towards our bid to build Covid related infrastructure. We are thankful to our lending banks for providing term lending support and through these kinds of partnerships, we would continue to provide innovative, convenient and effective healthcare credit solutions in the country. We intend to continue enhancing our credit outreach in the healthcare sector and leverage crucial relationships such as this, to extend our financing solutions to institutions and establishments and empower them to reach out to maximum individuals with novel healthcare offerings. On the business front, the current growth figures only motivate us to push further towards our Vision 2025 of capturing 1% market share of outstanding MSME credit, and contribute towards the country’s financial inclusion efforts for the MSME sector.”
The healthcare sector has been one of the prominent sectors for U GRO Capital’s credit offerings. Its Doctor Loan service is exclusively designed for doctors, which offers collateral free loans of upto INR 25 lacs, with minimum documentation and quick approvals. It also provides small business loans of upto INR 20 lacs for healthcare sectors covering profiles like pharmacies, imagine centres, pathology labs, among others. U GRO Capital has received term lending support from State Bank of India, Indian Overseas Bank and Canara Bank for onward lending under this scheme of RBI.
U GRO Capital, is in the process of raising INR 100 crore through a public NCD which was announced earlier this month. The lender is offering 10.00% per annum, payable quarterly for 18 months, 10.15% per annum payable monthly, for 27 months and 10.40% per annum payable monthly, for 36 months. The company seeks to utilize the funds for onward lending, financing, repayment of interest and principal of existing borrowings and towards general corporate purposes.
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