Ugro Capital, the Gurugram-based non-banking financial company, that focuses on supply-side financing for small businesses, is aiming to take its workforce strength to 1,000. It has already taken on a 100 people in July and is looking at adding about 600 more to the team. The headcount was 300 in March 2021.
Established in 2017, following a buyout of Chokhani Securities, it began lending operations in 2019. In the very first year it closed the year with a loan book of Rs 850 crore and a workforce strength of 130. Although performance was low in April and May 2021, due to the impact of the pandemic, things improved tremendously in July. The NBFC closed the month of July with a live loan of Rs 1,560 crore plus, thanks to the all-time high disbursal of Rs 260 crore and the collection efficiency of 96-97 per cent. In fact, Ugro is confident that if it is able to keep up the disbursal run-rate of July, it will be able to close the loan book at Rs 3,500 crore in March 2022.
Ugro is now looking at increasing its branch network from 34 to 75. It also plans to add at least 50 more micro locations.
Compared to the loan book of Rs 847 crore in June 2020, Ugro’s loan book in June 2021 posted a 62 per cent increase, showing Rs 1,375 crore. In addition, the cumulative disbursements amounted to more than Rs 3,000 crore.
With the economy on its way to recovery post pandemic, Ugro is anticipating good performance for businesses.