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.
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
LAVA INTERNATIONAL LTD.
SECUREYE SERVICES PVT. LTD.
BHARAT ELECTRONICS LTD.
INFOSYS TECHNOLOGIES PVT. LTD.
Technology Icons Of India 2023: Gautam Adani
Gautam Adani is the Founder and the Chairman of the Adani Group, an In...
Technology Icons Of India 2023: Bhavish Aggarwal
Ola CEO Bhavish Aggarwal had formed Ola-India’s largest mobility pla...
Technology Icons Of India 2023: Som Satsangi
With more than three decades in the IT Sector, Som is responsible for ...
CERT-IN protecting the cyber security space of India
CERT-In serves in the area of cyber security threats like hacking and ...
Aadhaar: Architecting the World's Largest Biometric Identity System
The Unique Identification Authority of India (UIDAI) is a statutory au...
C-DOT enabling India in indigenous design, development and production of telecom technologies
An autonomous telecom R&D centre of Government of India, Center of Dev...
WPG C&C COMPUTERS & PERIPHERALS PVT. LTD.
WPG C&C Computers & Peripherals (India) was incorporated in 2008 and ...
INTEGRA MICRO SYSTEMS PVT. LTD.
Integra is a leading provider of innovative hi-technology products an...
Crayon Software Experts India Pvt Ltd
Crayon helps its customers build the commercial and technical foundati...