CRISIL upgrades U GRO Capital's long-term rating to 'A/Stable'

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."