Through its subsidiaries, the company has entered into definitive agreements to acquire the distribution business of the Fintoo Group, which includes the distribution of Wealth Products, Insurance Products, Alternative Investment Funds (AIFs), and Portfolio Management Services (PMS) currently operated under Mihika Financial Services Private Limited and Mihika Insurance Marketing Firm LLP.

This acquisition will contribute an incremental AUM of approximately ₹300 crores to Choice’s wealth management business. Additionally, the company has acquired Fintoo’s insurance distribution business, encompassing its client portfolio, team, IT systems, and supporting infrastructure.

Further strengthening its distribution footprint, Choice has also acquired the distribution business of Glory Prime Wealth Private Limited, a Pune-based wealth products distributor managing an AUM of ₹210 crores. This acquisition enhances Choice’s presence in Western India and broadens its client base among affluent and emerging affluent investors.

The company has also formed a strategic business association with four mutual fund distributors based in Himachal Pradesh, under which they have merged their wealth management business with Choice, contributing an additional AUM of ₹125 crores.

Expanding Horizons in Wealth Management

These strategic initiatives collectively underscore Choice’s accelerated expansion in the wealth and investment management space. The company is focused on building a tech-driven, multi-channel wealth platform, integrating Fintoo and Glory Prime’s strong distribution network to deliver comprehensive, personalized, and scalable investment solutions.

Arun Poddar, Group CEO, Choice International Limited, commented: “This investment aligns perfectly with our strategy of expanding Choice’s presence across the wealth and investment management value chain. Fintoo’s digital-first approach and strong client base, coupled with the robust distribution franchise of Glory Prime, will accelerate our plans to build a scalable, integrated platform that delivers superior value and convenience to investors. We continue to explore more such synergistic opportunities to strengthen our leadership in the wealth management space.”

In recent months, Choice International has accelerated its expansion in the wealth management space through a series of strategic acquisitions. The acquisition of Arete Capital Services added ₹5,151 crore in AUM, and together with the latest integrations, Choice’s total wealth management assets have risen from around ₹1,000 crore to over ₹6,800 crore — a growth of nearly seven times. This strong upward trajectory underscores the company’s focused strategy to build a tech-enabled, client-centric financial ecosystem that caters to the evolving needs of HNI and institutional investors across India.

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MUMBAI: UGRO Capital, a leading DataTech NBFC focused on MSME lending, today announced its robust performance for the quarter ended September 30, 2024 (Q2 FY25), marking significant milestones in its journey towards becoming a leading MSME-focused lender. The company has reached a total AUM of INR 10,200+ crore, growing from INR 2,970 crore in March 2022, underscoring its accelerated growth trajectory and investment in data tech infrastructure.

During Q2 FY25, UGRO Capital achieved several lifetime highs in key performance metrics:

Record Loan Originations: UGRO recorded its highest-ever quarterly net loan originations of INR 1,970+ crore, a remarkable 72% increase compared to INR 1,146 crore in Q1 FY25.

Micro Enterprises Lending Surge: UGRO’s Micro Enterprises Loan vertical saw origination of INR 450 crore, more than doubling from INR 209 crore in the previous quarter. This growth reflects the company’s expanded branch network, now at 210 branches, including 46 new micro-branches added during the quarter.

Co-Lending Milestones: UGRO achieved its highest quarterly co-lending volume of INR 600+ crore, up from INR 337 crore in Q1 FY25, with its co-lending partnerships expanding to 9 banks and 7 NBFCs. The company’s off-book AUM now stands at approximately 44%.

Strengthened Borrowing Profile: The company also mobilized its highest-ever borrowings, raising over INR 1,100 crore in Q2 FY25, up from INR 375 crore in Q1 FY25, ensuring a well-diversified liability profile.

Commenting on these achievements, Shachindra Nath, Founder, and Managing Director of UGRO Capital, said, “Our performance in Q2 FY25 marks a significant leap forward, driven by our unwavering commitment to providing innovative, data-driven financial solutions for MSMEs across India. Since our inception, we have raised over INR 900 crore in 2018, INR 340 crore in 2023, and INR 1,265 crore in 2024. With a robust network of 210 branches and a dedicated workforce of around 3,500 employees, we are poised to accelerate our efforts, particularly in the Micro Enterprises Loan segment. As we continue to grow, our focus remains on empowering MSMEs, encapsulated in our core belief – MSME Accha Hai – to unlock even greater opportunities for growth and development across the sector.”

In addition to its financial achievements, UGRO Capital received a rating upgrade from India Ratings to ‘IND A+/Stable’ (long-term) and ‘IND A1+’ (short-term), further solidifying its position in the market. The company was also honored with the ‘Best Fintech Lender of the Year’ award at Financial Express India’s Best Banks Awards, presented to Mr. Shachindra Nath by Hon’ble Union Minister of Finance & Corporate Affairs, Ms. Nirmala Sitharaman.

The business updates reflect UGRO Capital’s ongoing commitment to transforming MSME credit in India through technological innovation and strategic partnerships. These updates are subject to management review and have not yet undergone a limited review by the auditors.

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PUNE: Aditya Birla Housing Finance Limited (“ABHFL”), a subsidiary of Aditya Birla Capital at a media roundtable showcased the product and digital offerings, strong financial performance, and a focus on expanding its reach across India. ABHFL’s AUM growth surpassed industry growth, reaching ₹18,420 Crore as of March’24, reflecting a remarkable 33% year-over-year increase. ABHFL aims to double the loan book in the next three years.

ABHFL has a Pan-India presence with 135 branches, covering 85% of the total addressable market as of March’24. They partner with developers and builders across India, demonstrating their commitment to national expansion. Notably, 41% of their portfolio caters to affordable housing across India, offering loan options for ticket sizes, around ₹10 lakhs. The housing finance company caters to developers with loans ranging from ₹20-23 Crore, supporting various segments.

Pankaj Gadgil, MD & CEO of Aditya Birla Housing Finance Limited said, “ABHFL is a full stack mortgage player with presence across prime to affordable segments. ABHFL traces its heritage to the illustrious Aditya Birla Group which embodies trust. At ABHFL, we are building all our solutions with customers at the heart of everything. We strive to make the home loan journey happy and seamless for customers backed by cutting-edge technology and analytics, making it accessible at any point through features like ‘track my loan’ with real-time updates and a completely paperless experience. Our offerings at ABHFL are hyper-personalized for customers with customized products and partnerships to suit their unique needs. We aim to become the most preferred choice of customers pan India amongst HFCs.”

Highlighting the robust growth, ABHFL captured a significant share of the HFC origination market in FY’24. Disbursement during the year stood at ₹8,450 Crore. This strong performance translates to an active customer base of 65,000 with a 19% year-on-year increase. ABHFL demonstrates improved asset quality by reducing Gross NPA loans and leverages technology through ‘FinCollect’, an end-to-end digital debt management platform and analytics-driven models.

ABHFL is a full-stack universal housing finance company, that prioritizes a customer-centric approach, offering personalized service, quick loan processing, and over 15 new product offerings, including step-up loans and micro-loans.

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