UGro Capital turns profitable within one year of operation
By MYBRANDBOOK
Non-banking lender UGro Capital has become profitable within 10 months of operations, with a net income of Rs 7 crore in the December quarter.
In the previous quarter, it had a net loss of Rs 3.3 crore.
The company's disbursals crossed Rs 1,000 crore as of end-December with an active loan book of Rs 753 crore of which 67 per cent is secured, the company said in a statement on Friday.
The numbers are not comparable as the company was not operational this quarter last year.
Total income rose to Rs 23.7 crore from Rs 20.5 crore in the second quarter, a growth of 15.4 per cent.
During the December quarter, it announced co-origination partnerships with SBI, Bank of Baroda and ICICI Bank.
The company has raised Rs 194 crore in debt during the quarter, while its net worth rose to Rs 901 crore, which includes Rs 66.2 crore of equity infusion from the exercise of warrants.
It has borrowed Rs 50 crore from Flipkart co-founder Sachin Bansal.
“The numbers reflect the conservative underwriting strategies the company has implemented in the previous quarter”, said Shachindra Nath, executive chairman and managing director.
Microsoft to build a new data centre to support Thailand's tec
Microsoft has revealed intentions to construct a regional data centre as w...
SAP launches cloud services to help Indian scaleups innovate m
SAP at SAP unveils now "GROW with SAP for Scaleups," a new cloud service d...
Denodo and Sonata form alliance to unlock data-to-value creati
Denodo and Sonata Information Technology India Limited (SITL) have annou...
Google Play Store will now let users download two apps simulta
Google Play Store now lets users download two apps simultaneously. While a...
STERLITE TECHNOLOGIES LTD.
TATA CONSULTANCY SERVICES
TP-LINK INDIA PVT LTD.
LENOVO GROUP LTD.
Technology Icons Of India 2023: Sunil Bharti Mittal
Sunil Bharti Mittal is the Founder and Chairman of Bharti Enterprises,...
Technology Icons Of India 2023: Byju Raveendran
Byju Raveendran is the founder of edutech start-up Byju’s. Raveendra...
Technology Icons Of India 2023: Rajiv Memani
As Chair of the EY Global Emerging Markets Committee, Rajiv connects e...
NIC bridging the digital divide and supporting government in eGovernance
The National Informatics Centre (NIC) is an Indian government departme...
HPCL is transforming the energy landscape, across the nation and beyond
HPCL is world-class energy company known for caring and delighting the...
Aadhaar: Architecting the World's Largest Biometric Identity System
The Unique Identification Authority of India (UIDAI) is a statutory au...
INTEGRA MICRO SYSTEMS PVT. LTD.
Integra is a leading provider of innovative hi-technology products an...
ACCERON INFOSOL PVT. LTD.
It is a leading value added distributor in the IT security space and h...
B D SOFTWARE
BD Software is the distributor of IT security solutions in India. The ...