Chokhani Securities Ltd. changes its name to UGRO Capital Ltd.
Deepthi | Myequity news | Date : 10-10-2018 17:50:00 IST
Chokhani Securities Ltd. has now been renamed as UGRO Capital Ltd. The company has already received approval from the Office of the Registrar of Companies and the change will be effected on the BSE starting October 10, 2018, when the company will start trading under the Scrip ID - UGROCAP.
The name change is another milestone in the transformation of the company which was acquired by Mr. Shachindra Nath, with an objective to create a new-age, technology- enabled, NBFC platform which would serve the capital needs of small businesses.
“We are very excited about t he introduction of our new company name. However, this just represents a small step i n our efforts to partner with small businesses in India in their growth journey. We w ant to create a truly new-age lending platform which provides a unique and seamless experience to customers, by leveraging technology and data and better understanding the needs of the customer.” said Mr Shachindra Nath, the Executive Chairman & Manag ing Director of UGRO Capital.
Mr. Shachindra Nath had acquired Chokhani Securities Ltd. in December 2017 with an aim to create an institutional platform that aims to blend the robustness of traditional financial institutions with the data-driven approach of modern fin-tech companies to provide a unique solution to the funding needs of small businesses. The company will focus on disbursing loans of up to INR 5 crore to businesses operating in eight identified sectors in which the company will build deep credit and product expertise. Post-acquisition, the company has received Equity Infusion of over INR 900 crore from marquee private equity funds , ADV Partners, NewQuest Capital Partners, Indgrowth Capital, PAG (formerly Pacific Alliance Group), Sameena Capital and large family offices, over the past few months. About UGRO Capital:
UGRO Capital is a Non – Banking Finance Company is being reinvigorated into a SME & MSME Financing platform focused on select segments of the market. It has been taken over by Mr. Shac indra Nath, a financial services professional as its new promoter with an aim to fill the burgeoning financing need of the SME m arket through deep knowledge of its selected sectors and technology.