Banking is not the only profitable business model: Former Religare CEO

NBFCs have to start believing that they are not banks and can't compete with them which means that they have to do what I call the hard tier-2 work, he said

It’s unlikely you would have read much about UGRO Capital, which has raised ~958 crore from a clutch of private equity (PE) firms and family-home offices. It’s executive chairman, Shachindra Nath — former chief executive officer of Religare — has got this buy-in without the backing of a corporate house at a time when many non-banking financial companies (NBFCs) are gasping for air. Nath spoke to Raghu Mohan on his business model, which is not to stress on asset growth unduly, but will see significant co-lending play. Edited excerpts.

You have struck out on your own with an NBFC at a