NEW DELHI: Small businesses focused fintech Ugro Capital on Tuesday said it will raise Rs 340 crore in equity capital through a preferential allotment and qualified institutional placement. The company said its board approved Rs 240 crore worth of shares to IFU (Investeringsfonden for Udviklingslande), a Danish sustainable development goals investment fund, on a preferential allotment basis.

Another Rs 101 crore will be raised from long-term shareholders like insurance companies, AIFs, and other financial institutions through a qualified institutional placement. It did not say when the money will be raised.

The company has already entered into a definitive investment agreement with IFU, a Denmark government-owned fund offering risk capital to companies in developing countries and emerging markets.

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