New Delhi, June 24 -- Ugro Capital, fresh off its acquisition of private equity-backed Profectus Capital, has appointed Anuj Pandey as its new chief executive officer.
Pandey, a founding team member of the non-bank lender, currently serves as its chief risk officer. With around 25 years of experience, he has held leadership roles in companies like GSK consumer, ABN AMRO Bank, Barclays Bank, and Religare, specializing in business and product strategy.
In his new role, Pandey will lead Ugro's pan-India MSME operations, digital platforms, and partner ecosystem. He will report to founder and managing director Shachindra Nath, who will continue to lead the company's long-term strategy, investor partnerships, and governance, according to a company press release.
"With the 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.," Nath said in the statement.
Earlier this month, the MSME-focused Ugro announced its acquisition of Profectus Capital for Rs 1,400 crore ($161.2 million) in an all-cash deal.
Ugro's investors include Samena Capital, ADV Partners, TPG NewQuest, and Danish impact investor IFU. Meanwhile, Profectus Capital is backed by infrastructure-focused private equity firm Actis.
The acquisition is expected to add nearly Rs 150 crore in annualized profit to Ugro's bottom line, the company said.
For FY25, Ugro Capital's net profit rose 21% year-on-year to nearly Rs 144 crore, aided by a growth in its loan book, as per the company. Assets under management surged 33% to Rs 12,003 crore as of March 31.
"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," Pandey said.
Published by HT Digital Content Services with permission from VC Circle.