Ruloans, UGRO Capital Foray Into Rooftop Solar Financing Biz

Ruloans, a credit distribution company in India, entered into a partnership with UGRO Capital, a DataTech MSME-lending platform, to tap into the growing renewable energy finance market.

Ruloans is a direct sales agent (DSA) for all financial services, including loans, credit cards, and insurance. It recently added rooftop solar finance products into its loan portfolio as the country transitions to clean energy sources.

Ruloans’ partnership with UGRO Capital aimed at acquiring new customers and grabbing a larger slice of the solar finance pie in the backdrop of the Centre’s increased fund allocation to solar energy projects such as the PM’s Surya Ghar Yojana. 

Commenting on the partnership, Kaushik Mehta, Founder and Chief Executive Officer (CEO) of Ruloans, said, “In the current fiscal year (FY25), about 21.2 GW of new solar capacity is expected to be added in India. In this, 4 GW is estimated to come from rooftop solar sources. More than 16 GW should come from utility-scale projects and another 700 MW from off-grid components. This will create immense opportunities for the solar finance business and we are fully equipped to venture into it.”

Amit Mande, Chief Revenue Officer, UGRO Capital said, “As MSME lending is our core focus, tapping into the rapidly growing solar finance sector is a natural progression for UGRO Capital. This partnership is a win-win, combining UGRO’s technological expertise with Ruloans’ robust marketing and distribution strengths to drive impactful growth in this emerging segment, carrying forward the message UGRO has believed in since inception – that MSME Accha Hai.”

Ruloans in FY23 garnered a significant share in the loans and financial services distribution business of Rs 26,833 crore business. The company targeted Rs. 100 crore business from the solar category in FY25. Last year, the company launched the RUCONNECT app to make its services simple and accessible to millions of credit seekers.