Dear Shareholders,
It gives me immense pleasure to present UGRO
Capital's Annual Report for FY25, a year that reaffirmed both the
resilience of India's MSME sector and the strength of our conviction in building a
new-age financial institution dedicated to the growth of its shareholders and customers.
Despite global economic turbulence, India has stood out as an engine of
stability. Buoyed by strong domestic consumption, calibrated monetary easing, and rising
investor confidence, the country's economic momentum remains intact. What is
particularly encouraging is the sustained growth in MSME credit, outpacing broader lending
trends and pointing to a structural shift in how the financial ecosystem views small
businesses. These enterprises are no longer seen as informal or peripheral, they are now
recognized as essential to our future. This changing narrative aligns closely with UGRO
Capital's founding vision: to build India's largest
MSME-focused lending institution, anchored in data, powered by
technology, and driven by purpose. FY25 was a milestone year for us. We crossed a
significant threshold in our 12,000 crore in AUM, a 33% year-on-year growth. We expanded
our presence into deeper markets, and continued to serve entrepreneurs who have
historically remained outside the formal financial system. What makes this particularly
meaningful is that we have done so without compromising on the principles of risk,
governance, or customer centricity. Our business has steadily evolved to reflect the
changing contours of MSME demand. We have sharpened our focus on two of the most dynamic
segments in the lending space, our Emerging Market and Embedded Finance
business. These verticals are allowing us to reach customers where traditional models
have struggled and to offer them products that are relevant, timely, and frictionless.
With the planned acquisition of Profectus Capital, we are poised further to enhance
our secured lending capabilities, deepen our institutional memory, and accelerate our next
phase of growth. This acquisition, alongside our recent capital raise, will significantly
strengthen our market position and bring us closer to achieving our medium-term strategic
goals.
At UGRO, we have always believed that access to finance must be both
inclusive and responsible.
While our proprietary data-driven credit models allow us to underwrite
MSMEs with precision, our long-term ambition remains rooted in national priorities,
whether it is job creation, income generation, gender inclusion, or regional development.
We are proud to have created a platform that balances innovation with impact, speed with
sustainability, and growth with governance.
As we look to the future, we do so with confidencebut also with
humility. The opportunity ahead is vast, but growth journey, crossed so is the
responsibility. We remain fully committed to building an institution of consequence, one
that doesn't just serve MSMEs, but champions them.
On behalf of the Board, I extend my sincere thanks to our shareholders,
customers, employees, lenders, and partners. Your continued support and belief in
UGRO Capital's mission fuels our ambition. Together, we will
continue to push boundaries, unlock potential, and build a more inclusive and prosperous
financial landscape for India.