U GRO Capital is expanding its operations across several regions in India, to be able to extend credit to more micro businesses. The Company is gearing up to add 50 micro branches in the states of Gujarat, Rajasthan, Tamil Nadu, Telangana and Karnataka, taking the total number of branches to 100 by the end of financial year (FY) 2022.
The Company’s asset under management stood at INR 1,729 crore as of August 31, 2021. It aims to capture one per cent of the market share in terms of lending credit to MSMEs in India by opening 270 branches.
Complementing the geographical expansion of the company, U GRO Capital is planning to double its workforce, which stands at about 550 currently. Another 500 jobs are set to be added, which will take the employee strength to 1,000 by the end of FY 2022.
The small business lending platform will see increased hiring from the campuses this year. The entire hiring process will be virtual, right from the recruitment of the candidates to their onboarding. This growth in the number of branches will increase employment opportunities for local talent across the five states. The hires will be made across multiple departments, such as strategy, treasury, operations, finance, technology, human resources, sales, credit, staffing, and marketing, amongst others. The objective is to build a robust organisational structure with the right mix of human and technological capabilities, to resonate with the growing business.
With this recruitment drive, the Company aims to increase the gender ratio in the organisation from 10 per cent to 20 per cent. Pia Shome, chief people officer, U GRO Capital, reveals that the Company intends to hire women for key leadership positions.
Shome shares that in another two months, the Company will hire 250 employees from various backgrounds and levels. “Now that we have set out on our aspirational growth journey, the scaling up of our current ~550-member team to 1,000 will be a critical aspect,” says Shome.