Sachin Bansal-backed UGro Capital reports profit within year

Within 10 months of operations, Flipkart co-founder Sachin Bansal-backed non-banking lender UGro Capital has become profitable with a Rs 7-crore net income in the December quarter as against a net loss of Rs 3.3 crore in the previous quarter.

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 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 networth rose to Rs 901 crore, which includes Rs 66.2 crore of equity infusion from the exercise of warrants.

The numbers reflect the conservative underwriting strategies the company has implemented in the previous quarter, Shachindra Nath, executive chairman and managing director, said, adding we are proud of becoming the first fintech platform to achieve profitability within a year of operations.