U GRO Capital, a listed, small business lending fintech platform is planning an expansion in the tier 3-4 regions in Gujarat, Rajasthan, Tamil Nadu, Telangana and Karnataka. The company is aiming to expand its network of 34 branches to 100 by the end of FY 2022. It will be adding 50 ‘micro’ branches in the mentioned locations, to extend formal credit to the micro businesses.
U GRO Capital recently crossed the 550 employee mark, and plans to augment it to ~1000 employees. The hiring, which also includes a significant portion of campus recruitment, will help create employment opportunities for the homegrown workforce in these tier 3-4 regions.
Besides, U GRO Capital aims to achieve a gender ratio of 20% by FY 2022 doubling the rate from 10% currently. The work has already started as the company is recruiting women at key leadership positions.
Pia Shome, Chief People Officer, U GRO Capital said, “We, at U GRO Capital, envision to solve the unsolved MSME credit gap and have laid a strong foundation towards the same. We have now set on our aspirational growth journey and scaling up of our current ~550 members’ strong team to 1000 is a critical aspect. In fact another 250 People from diverse background across various work profiles & levelsare set to join us in the next two months. As we take significant strides towards our mission, U GRO Capital’s programs are designed to enable fast tracked growth for the employees as well, while keeping their well-being at the forefront”.
As of August 31, 2021, U GRO Capital’s cumulative disbursement had crossed Rs 3,300 crore and its assets under management (AUM) stood at Rs 1,729 crore.
In the next five years, U GRO Capital aspires to build an Rs 20,000 crore of AUM while acquiring approximately 1% market share of the outstanding MSME credit in India by opening around 270 branches. This will help in its bid to serve over lacs of small business customers.