Mumbai, June 24, 2025: UGRO Capital Limited, a leading DataTech NBFC focused on MSME lending, today announced the elevation of Mr. Anuj Pandey, as the Chief Executive Officer (CEO) of the Company. Anuj is one of the founding team members of UGRO and currently its Chief Risk Officer. The appointment reflects UGRO’s commitment to strengthening institutional leadership as it scales its MSME lending franchise.
Anuj has been an integral part of UGRO since inception, having built the Company’s risk governance framework and credit architecture. He brings around twenty-five years of diverse experience across companies like GSK consumer, ABN AMRO Bank, Barclays Bank & Religare where he held leadership roles in business and product strategy. He holds a B. Tech degree in Mechanical Engineering and is an alumnus of the Indian Institute of Management, Lucknow.
In his elevated role as CEO, Anuj will lead UGRO’s pan-India MSME business operations, digital platforms, and partner ecosystem. He will report to Mr. Shachindra Nath, Founder, Vice Chairman and Managing Director, who will continue to guide the Company’s long-term strategy, investor partnerships, and governance.
This appointment comes at a defining moment for UGRO, having crossed ₹12,000 Crores AUM in MSME financing, built over 300 branches, announced the strategic acquisition of Profectus Capital and a large capital raise.
Commenting on the appointment, Shachindra Nath, Founder and Managing Director, UGRO Capital, said, “Anuj’s elevation as CEO is a natural progression in UGRO’s evolution as an institution. As a founding member and Chief Risk Officer, his deep understanding of MSME lending, risk, and technology-driven operations makes him ideally suited to lead execution. I will remain fully accountable for UGRO’s strategic and governance matters, while Anuj takes full charge of the business. With recently concluded acquisition of Profectus and a large capital raise, I along with my Board felt that UGRO should be steered under one strong hand who exclusively focuses on the operating performance while I continue to focus on the strategic agenda of making UGRO as India’s largest financial institution for MSME financing.”
Anuj Pandey, CEO, UGRO Capital, added, “I have been working with Shachindra for last 7 years even prior to our formation. Being part of UGRO’s founding journey has been a privilege. I look forward to leading the next phase of growth — expanding our MSME reach, scaling embedded finance, and continuing our mission of ‘solving the unsolved’ credit gap with discipline and innovation.”
This elevation reflects UGRO’s commitment to combining entrepreneurial spirit with institutional governance, as it accelerates its ambition to become India’s most trusted MSME lender.
The acquisition strategically enhances four core NBFC pillars: Immediate 29% AUM growth diversifies the combined portfolio to accelerate high-yield Emerging Markets and Embedded Finance expansion, while adding School Financing with incremental ₹2,000 Crores medium-term potential, as per our assessment. We estimate significant geographic and product alignment in Secured LAP, Machinery Finance, and Supply Chain Finance which we believe will drive operational efficiencies, generating ₹115 Crores cost savings and adding incremental profitability of ₹150 Crores thus boosting ROA by 0.6-0.7% once a post-acquisition merger is complete. The combined entity’s strengthened asset mix features higher secured assets, thereby providing further impetus to scale Emerging Market and Embedded Finance businesses.
Profectus has demonstrated stable portfolio expansion, building its assets under management to ₹3,468 Crores as of March 2025, with presence across seven states through a 28-branch network and over 800-member team, all while maintaining a gross NPA of 1.6% and Net NPA of 1.1%. Its complementary businesses in secured lending perfectly align with UGRO’s data-driven underwriting platform. To facilitate the discharge of purchase consideration for the proposed acquisition, the Company is proposing to add financing of Profectus’ acquisition as an object of the existing preferential issuance of compulsorily convertible debentures by seeking fresh approval from the board and shareholders. The acquisition is expected to close on fulfilment of customary conditions, including receipt of RBI/shareholder approvals.
Both entities will maintain current operations and strategy during integration.
Reflecting on this acquisition, Mr. Shachindra Nath, Founder and Managing Director of UGRO Capital, said, “This strategically priced acquisition deploys our equity raise to achieve instant scale and ₹115 Crores cost savings and annualized incremental profitability of ₹ 150 Crores thus boosting ROA by 0.6–0.7%. Integrating Profectus’ school finance expertise unlocks ₹2,000 Crores growth potential and strengthens our secured asset mix – accelerating our journey to become India’s largest MSME lender through enhanced Emerging Markets and Embedded Finance capabilities.”
Mr. K.V. Srinivasan, Executive Director & CEO, Profectus Capital, added, “The coming together of the two organisations would be beneficial owing to the synergies and complementarity of the businesses, which should result in greater operational efficiency and profitability for the business. We at Profectus, thank our investors for their unwavering commitment and support throughout our journey, which has helped us to establish a very strong process-oriented business with an excellent portfolio quality.”
With this strategic acquisition, UGRO Capital reaffirms its commitment to driving inclusive economic growth and empowering MSMEs across India, leveraging combined synergies to expand high-yield offerings while maintaining portfolio quality.
InCred Capital acted as the exclusive advisor to UGRO Capital on this acquisition transaction. SNG & Partners was engaged as the legal counsel to the Company. The Company engaged PriceWaterHouse Coopers Services LLP for financial due diligence and Legacy Growth Partners for tax due diligence for the transaction.