U GRO Capital, a datatech non-banking financial company (NBFC) specialising in MSME lending, has received an upgrade by CRISIL Ratings. The long-term rating on bank loans and non-convertible debentures has been upgraded to 'CRISIL A/Stable' from 'CRISIL A-/Positive', while affirming the short-term rating at 'CRISIL A1'.
Since its inception, U GRO Capital has secured equity capital, totaling approximately ₹1,240 crore, the company said.
In a recent development, the company received an infusion of ₹340 crore in financial 2024 from the Danish Sustainable Development Goals Investment Fund and other key institutions.
As of December 31, 2023, U GRO Capital has witnessed surge in its assets under management (AUM), reaching ₹8,364 crore.
Notably, the company's off-book portfolio constitute 45% of AUM.
Shachindra Nath, Founder and Managing Director of U GRO Capital said, “This upgrade supports our liability franchise and enable us to optimise borrowing costs and propels our growth journey."
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(Edited by : Anshul)
First Published: Mar 20, 2024 2:11 PM IST
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