U Gro Capital
U Gro Capital is a publicly listed Indian NBFC that lends to underserved MSMEs through a proprietary AI/ML underwriting platform (GRO Score 3.0), a 317-branch network and embedded finance subsidiary MyShubhLife.
- Company typePublic
- Founded1993
- HeadquartersMumbai, India
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
What U Gro Capital does
U Gro Capital Limited (NSE: UGROCAP) is a Mumbai-headquartered, publicly listed non-banking financial company (NBFC) founded in 1993 that operates a DataTech lending platform focused exclusively on India's underserved micro, small and medium enterprise (MSME) segment. As of March 2026 the company serves approximately 321,000 MSME borrowers across India through a 317-branch direct network concentrated in tier-2 and tier-3 emerging markets, with consolidated assets under management of roughly ₹15,334 crore and a workforce of 2,900+ employees.
The platform is anchored by three core lending products — Loan Against Property (LAP), Embedded Financing (delivered via the wholly-owned subsidiary MyShubhLife), and Machinery & Equipment Finance — augmented by sector-specific variants including supply chain finance, electric vehicle financing, rooftop solar finance, doctor's loans and educational institute loans. Underwriting is centralized in GRO Score 3.0, a proprietary AI/ML model that integrates credit bureau, banking statement and GST data and is combined with sector-clustered cash-flow models across nine homogeneous MSME verticals. The company monetizes through interest income on loans priced off the UGRO Reference Rate (currently 15.95% p.a.), upfront processing fees of up to 4%, penal and prepayment charges, co-lending yield-sharing with bank and NBFC partners, and embedded finance revenue from MyShubhLife merchant credit. Distribution combines direct branch sales, a digital self-serve lead portal, a first-mover GeM Sahay government marketplace integration, an LSP/DSA connector network, and co-lending partnerships with marquee institutions including SBI, Bank of India, Central Bank, Poonawalla Fincrop, Hinduja Leyland Finance, Tata Capital and Mahindra Finance.
U Gro Capital firmographics
Firmographics- Name
- U Gro Capital
- Legal name
- UGRO Capital Limited
- Website
- https://ugrocapital.com
- Company type
- Public
- Founded year
- 1993
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- U Gro Capital is a publicly listed Indian NBFC that lends to underserved MSMEs through a proprietary AI/ML underwriting platform (GRO Score 3.0), a 317-branch network and embedded finance subsidiary MyShubhLife.
- Ownership category
- akta.pro rank
U Gro Capital industry classification
Industry- Product category
- MSME Business Lending (NBFC)
- NAICS
- Commercial Banking (522110), Depository Credit Intermediation (5221)
- SIC
- Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- General SME & Middle-Market Commercial Banking (FSABABAA)
- akta.pro secondary industry
- SME Trade Finance & Working Capital (LCs, Guarantees, Receivables) (FSABABAF)
Keywords
Where U Gro Capital is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices3 records
Markets served
U Gro Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain
Revenue model
- Interest income on loans: Primary revenue from interest charged on Loan Against Property (LAP), Machinery & Equipment Finance, Embedded Financing and other MSME credit products, offered at fixed or floating rates linked to UGRO Reference Rate (URR).
- Loan processing fees: Upfront processing fees of up to 4% of loan amount, deducted from disbursement and non-refundable. Also subject to GST and other government levies.
- Penal / late payment charges and prepayment fees: Charges collected on delayed or defaulted repayments, plus prepayment/foreclosure charges per schedule of charges (subject to RBI exemptions for MSE floating-rate loans up to ₹50 lakhs).
- Co-lending and embedded finance income: Income from co-lending arrangements with banks/NBFCs and from embedded finance partnerships (including MyShubhLife) that share yield and risk on originated loans.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | — | UGRO Reference Rate (URR) benchmark |
| One time/ perpetual license | — | Loan processing fees |
| Other | — | Penal / late payment charges |
| Other | — | Fixed-rate loans (LAP & Machinery up to ₹50 lakhs) |
| Other | — | Loan tenure and processing timeline |
Go-to-market motion6 records
Distribution channels7 records
Marketing channels9 records
U Gro Capital product offering
Product offeringCore offering
U Gro Capital is a publicly listed Indian NBFC that provides secured and unsecured business loans to underserved MSMEs, primarily through Loan Against Property (LAP), Embedded Financing (via MyShubhLife), and Machinery & Equipment Finance. Its offerings are underwritten by a proprietary AI/ML credit scoring engine (GRO Score 3.0) that uses credit bureau, banking statement, and GST data, with sectoral clustering across nine MSME verticals and a pan-India distribution footprint of 317 branches.
Product overview
UGRO Capital Limited operates a single unified DataTech lending platform (NSE/BSE-listed) with a platform-plus-modules architecture built around three core secured/unsecured business loan products: Loan Against Property (LAP), Embedded Financing (delivered through the acquired MyShubhLife fintech subsidiary), and Machinery & Equipment Finance. These are supported by GRO Score 3.0, the proprietary AI/ML underwriting and credit scoring engine that powers decisioning across the entire portfolio using credit bureau, banking statement, and GST data. The Profectus Capital acquisition added a separate secured asset book (including a school financing vertical) and is being integrated as a sub-platform. Around the core, UGRO offers a set of sector-specific sub-product modules — Business Loans Without Collateral, Supply Chain Finance, Retailer Finance, Educational Institutes (EDI) Loan, Loan Against Bank Guarantee/Fixed Deposits, Electric Vehicle Financing, Doctor's Loan, Green Asset Supply Chain Financing, and Rooftop Solar Finance — and operates the GEM-Sahay cash flow lending product as a government marketplace integration. The portfolio is delivered through 300+ branches and a co-lending partner network (SBI, BOI, Central Bank, Poonawalla Fincorp, Hinduja Leyland Finance, Tata Capital, Mahindra Finance).
Differentiator
Problem solved
Functional benefit
Products and services
- Loan Against Property (LAP) Secured business loan product where MSMEs pledge residential, commercial, or industrial property as collateral. UGRO's flagship emerging-markets offering delivered through 300+ branches, positioned as the primary high-yield vertical (18-22% yields) under the post-FY26 strategic realignment. Includes LAP up to Rs 50 lakh offered at fixed rates per RBI Master Direction 2025.
- Embedded Financing Tech-enabled merchant-led embedded finance product that delivers credit to MSMEs at the point of business need through partnerships with fintech platforms and payment ecosystems. Operated via the wholly-owned subsidiary MyShubhLife, targeting onboarding of 200,000 new retailers and exceeding 25% yields under the strategic pivot.
- Machinery and Equipment Finance Secured financing product for MSMEs to purchase or upgrade machinery and equipment, used for capacity expansion, modernization, and capital expenditure. Up to Rs 50 lakh ticket size offered at fixed rate of interest per RBI's Pre-payment Charges on Loans Directions, 2025.
- Business Loans Without Collateral (Unsecured Business Loans) Unsecured business loan product for MSMEs that do not have property or assets to pledge, including a working capital loan variant. Approved based on creditworthiness, business performance, and cash flow assessment using GRO Score 3.0, with quicker approval and flexible usage for working capital, inventory, and operational expenses.
- Supply Chain Finance Sub-product offering financing solutions for MSME participants across supply chains, including Green Asset Supply Chain Financing for environmentally aligned supply chain participants.
- Retailer Finance Sub-product aimed at providing financing to retailers, operated primarily through the MyShubhLife embedded finance platform to support merchant-led credit delivery.
- Educational Institutes (EDI) Loan Specialized loan product for educational institutes, supported by the school financing opportunity identified within the Profectus Capital acquisition portfolio.
- Loan Against Bank Guarantee or Fixed Deposits Secured loan product where MSMEs can pledge bank guarantees or fixed deposits as collateral to obtain financing.
- Electric Vehicle Financing Specialized financing product for MSME customers purchasing electric vehicles, aligned with India's growing EV adoption and supportive government policies.
- Doctor's Loan Specialized loan product tailored for medical practitioners, sitting within UGRO's sector-specific MSME lending portfolio.
- Green Asset Supply Chain Financing Sub-product that provides supply chain financing for green and sustainable assets, supporting UGRO's climate finance and financial inclusion objectives.
- Rooftop Solar Finance Specialized financing product for rooftop solar installations, supporting MSMEs investing in renewable energy and clean tech adoption.
- GEM Sahay Cash Flow Lending Product Joint UGRO Capital–GEM Sahay cash flow lending product on the Government e-Marketplace (GeM) platform. UGRO is the 1st wave lender on Sahay, enabling MSMEs to obtain a loan by tapping and accepting the UGRO Capital offer in a matter of seconds, with GeM acting as the Loan Service Provider (LSP).
Quantifiable outcome
- AUM grew from ~₹3,000 crore in 2020 to ~₹15,334 crore as of March 2026 (approximately 5x growth in 6 years)
- +6 more outcomes
Companies that use U Gro Capital
Customer profileNamed customers7 records
Segments5 records
Ideal customer profiles4 records
U Gro Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
AI capability5 records
Feature4 records
U Gro Capital partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered minor - debt investor relationship, flagship acquisition / secured asset book, flagship subsidiary for embedded finance, flagship embedded distribution partner and flagship research partner.
- Recur Clubminor - debt investor relationshipUGRO Capital participated as one of the debt providers in Recur Club's $50 million funding round (comprising $8M equity led by InfoEdge Ventures plus $42M debt from financial institutions including UGRO Capital, Incred, and Lighthouse Canton). Recur Club is a Delhi-based debt marketplace for startups and SMEs.
- Profectus Capitalflagship acquisition / secured asset bookUGRO Capital completed the acquisition of Profectus Capital in July 2025 for Rs 1,400 crore ($161.2 million), increasing AUM by Rs 3,468 crore to Rs 15,471 crore (29% rise). The deal adds a Rs 3,500 crore secured asset book expected to generate ~Rs 150 crore in annual cost synergies and Rs 115 crore in operating synergies, with potential Rs 2,000 crore medium-term opportunity in school financing.
- MyShubhLifeflagship subsidiary for embedded financeUGRO Capital acquired MyShubhLife for Rs 45 crore, transforming it into a wholly-owned subsidiary. The deal expands UGRO's presence in MSME lending and merchant financing, targeting onboarding 200,000 new retailers within three years via tech-enabled embedded finance.
- GeM (Government e-Marketplace) - Sahay platformflagship embedded distribution partnerUGRO Capital is the 1st wave lender listed with GeM Sahay and the first to go live with disbursements. MSMEs can obtain loans by tapping and accepting the UGRO Capital offer in seconds; GeM acts as a Loan Service Provider (LSP) and UGRO as the first lender on the Sahay platform.
- Dun & Bradstreetflagship research partnerUGRO Capital and Dun & Bradstreet jointly released the 4th edition of the MSME Sampark Report, analyzing over 73,000 MSMEs across eight key sectors and surveying more than 5,000 businesses nationwide to assess global trade impacts and domestic market resilience.
Scale indicators12 records
Recent moves6 records
Expansion highlights7 records
U Gro Capital competitors and assessment
Company assessmentDirect peers
- Cholamandalam Investment and Finance Company: Listed Indian NBFC focused on vehicle finance, home equity and SME loans. Comparable to UGRO as a tier-2/tier-3 SME-focused lender with secured-asset bias, branch-led distribution and an active co-lending franchise; similar NBFC regulatory perimeter and listed-equity disclosure profile.
- Shriram Finance: Large listed Indian NBFC with a significant share of small-ticket, semi-urban and rural commercial vehicle, two-wheeler and SME lending. Comparable to UGRO on serving thin-file, underserved borrowers in tier-2/tier-3 India, branch-led distribution, and high-yield credit underwriting on cash-flow based assessment.
- MAS Financial Services: Listed Ahmedabad-based NBFC specializing in MSME, micro-enterprise and two-wheeler lending through an extensive branch network in western and southern India. A pure-play MSME NBFC comparable to UGRO on segment focus, branch-led SME origination and co-lending with public-sector banks.
- Five-Star Business Finance: Listed Indian NBFC focused on secured small-ticket business loans to MSMEs and self-employed borrowers in tier-2/tier-3 markets. Closely mirrors UGRO's LAP / secured small-ticket LAP focus and its reliance on property-based collateral underwriting in emerging markets.
- IIFL Samasta Finance: Subsidiary of IIFL Finance focused on microfinance and small-business lending to underserved borrowers. Comparable to UGRO on serving thin-file MSMEs in tier-2/tier-3 India, the secured/unsecured business-loan product stack and the listed-NBFC perimeter.
- Bajaj Finance: India's largest listed NBFC, with a substantial SME/business loan franchise alongside consumer durable and mortgage lending. Directly comparable to UGRO on the secured/unsecured MSME lending core, co-lending model with banks, and large branch + digital distribution footprint — though materially larger in AUM, customer base and capital.
Broad incumbents
- Manappuram Finance: Large listed Indian NBFC traditionally anchored in gold loans but with a growing MSME and microfinance book. Comparable to UGRO on the listed-NBFC perimeter and emerging-market distribution, though gold-loan-led rather than MSME-led.
- Muthoot Finance: India's largest gold-loan NBFC, listed, with extensive tier-2/tier-3 distribution. Comparable to UGRO on the listed-NBFC perimeter, pan-India branch network, and small-ticket secured-lending to underserved borrowers, though gold-loan-led rather than MSME-led.
Emerging players
- Lendingkart: India-based digital MSME lending fintech using alternative data and AI-driven underwriting to serve small businesses with quick-ticket working capital loans. Comparable to UGRO on the cash-flow based, AI/ML-driven MSME underwriting thesis, though smaller in scale and not NBFC-licensed.
- FlexiLoans: Mumbai-based digital lending platform providing collateral-free business loans to MSMEs using alternative data and fintech partnerships. Comparable to UGRO on the embedded-finance / digital MSME thesis and the small-ticket unsecured loan product, though a non-bank fintech rather than an NBFC.
Market position
Strengths1 record
Weaknesses1 record
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
U Gro Capital social profiles
Digital presenceU Gro Capital compliance and trust
Trust signalCompliance2 records
U Gro Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
U Gro Capital leadership team
Management profileNumber of profiles
Profiles5 records
U Gro Capital subsidiaries and ownership
Company hierarchySubsidiaries2 records
U Gro Capital funding detail
Funding detailFunding overview
Funding rounds12 records
Investors14 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
U Gro Capital M&A and investment
M&A and investmentM&A2 records
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about U Gro Capital
What does U Gro Capital do?
U Gro Capital is a publicly listed Indian NBFC that provides secured and unsecured business loans to underserved MSMEs, primarily through Loan Against Property (LAP), Embedded Financing (via MyShubhLife), and Machinery & Equipment Finance. Its offerings are underwritten by a proprietary AI/ML credit scoring engine (GRO Score 3.0) that uses credit bureau, banking statement, and GST data, with sectoral clustering across nine MSME verticals and a pan-India distribution footprint of 317 branches.
Is U Gro Capital a public or private company?
U Gro Capital is a public company. It is classified as public and is currently operating.
When was U Gro Capital founded?
U Gro Capital was founded in 1993. It employs 1,001 to 5,000 people.
Where is U Gro Capital based?
U Gro Capital is headquartered in Mumbai, India, in the Asia region.
How does U Gro Capital make money?
Four revenue lines are on record. Interest income on loans are the primary driver. The others are loan processing fees, penal / late payment charges and prepayment fees and co-lending and embedded finance income.
Who are U Gro Capital's main competitors?
Direct peers on record are Cholamandalam Investment and Finance Company, Shriram Finance, MAS Financial Services, Five-Star Business Finance, IIFL Samasta Finance and Bajaj Finance. Broad incumbents are Manappuram Finance and Muthoot Finance. Emerging players are Lendingkart and FlexiLoans.
Does U Gro Capital have an API?
No public API is recorded for U Gro Capital.
What industry is U Gro Capital in?
U Gro Capital's product category is MSME Business Lending (NBFC). Its primary akta.pro industry code is FSABABAA, General SME & Middle-Market Commercial Banking, with a secondary code of FSABABAF, SME Trade Finance & Working Capital (LCs, Guarantees, Receivables). Its NAICS code is 522110 and its SIC code is 6159.