UGRO Capital Limited is a Data Tech Lending platform, listed on NSE and BSE. Pursuing its mission of “Solving the Unsolved” for small business credit gap in India


Reports AUM of INR 5,095 Cr, up 97% YoY, making it one of India’s fastest and most stable built out of INR 5,000 Cr by gaining the trust of over 38,000 MSMEs

  • AUMof INR 5,095 Cr, up 97% YoY and 16% QoQ
  • Disbursementof INR 1,874 Cr, up 78% YoY and 13% QoQ
  • Achieved off-book AUMof 35%, up from 29% in Sep-2022, reached the desired off-book AUM target for FY23 in Dec’22
  • Net Total Incomestood at INR 108.0 Cr, up 131% YoY and 24% QoQ
  • PBTat 22.2 Cr, up 338% YoY and 27% QoQ
  • GNPA/NNPAat 1.7%/1.1%

Mumbai, January 25, 2023: The Board of Directors of UGRO Capital Limited approved the financial results for the Quarter and Nine-month Period ended 31st December 2022 at its meeting held on Wednesday, 25th January 2023.

UGRO Capital, a DataTech NBFC and pioneer of LaaS in India continues its growth momentum in the third quarter of FY23 and crosses INR 5,000 Cr AUM market. UGRO Capital’s AUM stood at INR 5,095 Cr (as on Dec’22), up 97% compared to Dec’21. The company’s Total Income Q3’23 stood at INR 189.6 Cr (up 123% YoY and 22% QoQ) and INR 466.6 Cr for 9M’23 (up 134% compared to 9M’FY22).

UGRO Capital has effectively leveraged the co-lending partnerships with off-book AUM at 35%, up from 29% as of September 2022. It has achieved its FY23 guidance of 35% off book AUM mix a quarter in advance. UGRO Capital has collaborated with ten co-lending partners, over 65 lenders, 25 fintechs, and 1,000 GRO partners to provide data-backed customized credit solutions to a large number of borrowers in the country’s 150+ small tier 2 towns.

Brief Financial Snapshot

Particulars Q2’FY23 Q3’FY23 Growth


9M’FY22 9M’FY23 Growth
AUM 4,375 5,095 16% 2,589 5,095 97%
Loans originated / Disbursement 1,653 1,874 13% 2,174 4,885 125%
Total Income 155.3 189.6 22% 199.3 466.6 134%
Interest Expense 68.5 81.6 19% 87.7 202.9 131%
Net Total Income 86.8 108.0 24% 111.6 263.7 136%
Operating Expenses 54.4 69.1 27% 79.2 172.6 118%
Credit cost 14.9 16.7 13% 20.3 40.9 102%
PBT 17.6 22.2 27% 12.1 50.2 313%
Tax 12.3 9.1 (26%) 3.7 24.4 564%
PAT 5.3 13.1 149% 8.5 25.7 204%

Commenting on the results, Shachindra Nath, Vice Chairman and Managing Director of UGRO Capital said, “We scaled our business, reached the INR 5,000 Cr AUM milestone, and met our FY23 off book AUM guidance a quarter ahead of schedule thanks to our unwavering focus on our core competencies, extensive use of data analytics in decision-making, and widespread acceptance in the banking and MSME industries. Our Q3’23 results, with the highest ever disbursement and improved profitability, demonstrate our unwavering commitment to growth. We continue to make progress towards the company’s core profitability on QoQ basis.

We have already assisted over 38,000 MSMEs and disbursed over INR 10,500 crores. Taking the pandemic into account, we reached this level in about 2.5 years, beginning in April of 2019. This is incomparable, especially when compared to our overall credit performance, which is industry leading. Our underwriting model, GRO Score 3.0, is being upgraded to derive power insights and better underwrite the MSME segment, and we will soon launch a credit line on UPI for small businesses.”

Key performance highlights for Q3’FY23

  1. a)Growth, Expansion and Portfolio quality
  • AUM of INR 5,095 Cr (up 97% YoY and 16% QoQ)
  • INR 4,886 Cr of Gross Loans originated in 9M’FY23 (up 125% compared to 9M’FY22) and INR 1,874 Cr of Gross Loans originated in Q3’FY23 (up 78% YoY and 13% QoQ).
  • Total Income stood at INR 189.6 Cr for Q3’FY23 (up 123% YoY and 22% QoQ) and INR 466.6 Cr for 9M’FY23 (up 134% compared to 9M’FY22)
  • Net Total Income stood at INR 108.0 Cr for Q3’FY23 (up 131% YoY and 24% QoQ) and INR 263.7 Cr for 9M’FY23 (up 136% compared 9M’FY22)
  • PBT increased to INR 22.2 Cr in Q3’FY23 (up 338% YoY and 27% QoQ) and INR 50.2 Cr in 9M’FY23 (up 313% compared to 9M’FY22)
  • GNPA / NNPA as on Dec’22 stood at 1.7% /1.1%(as a % of Total AUM)
  • Over 38,000 customers as on December 2022
  • 98 branches (as on Dec’22)


  1. b)Liability and Liquidity Position
  • Total lender count stood at 67 as on December 2022
  • Total Debt stood at INR 2,885 Cr as on December 2022, and overall debt to equity ratio was 3x
  • Healthy capital position with CRAR of 21.54% (as on December 2022)

About UGRO Capital Ltd

UGRO Capital Limited is a Data Tech Lending platform, listed on NSE and BSE. Pursuing its mission of “Solving the Unsolved” for small business credit gap in India, on the back of its formidable distribution reach and its Data-tech approach.  (NSE: UGROCAP I BSE: 511742).

Company’s prowess of Data Analytics and strong Technology architecture allows for customized sourcing platforms for each sourcing channel. GRO Plus module which has uberized intermediated sourcing, GRO Chain, a supply chain financing platform with automated end to end approval and flow of invoices, GRO Xstream platform for co-lending, an upstream and downstream integration with fintechs and liability providers and GRO Xapplication to deliver embedded financing option to MSMEs.

The credit scoring model GRO Score (2.0) a statistical framework using AI / ML driven statistical model to risk rank customers is revolutionizing the MSME credit by providing on-tap financing like consumer financing in India

UGRO has pioneered the “Lending as a Service” (LaaS) model in India and has effectively operationalized Co-lending relationship with 10+ Large Public Sector Banks and large NBFCs and built a sizeable LaaS book of more than 15% of its AUM through the GRO Xstream platform.

Company is backed by marquee Private Equity funds and family offices (raised INR 900+ Cr of equity capital in 2018) and aims to capture 1% market share and cross INR 20,000 Cr of AUM by FY25.


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