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UGRO CAPITAL LIMITED UPGRADED RATING ‘IND A1+’ FOR SHORT-TERM AND ‘IND A+’ FOR LONG-TERM INSTRUMENTS BY INDIA RATINGS

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5 months ago

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DataTech NBFC’s Strategic Vision and Robust Performance Propel Rating Upgrade

MUMBAI, India, Aug. 1, 2024 /PRNewswire/ — UGRO Capital, a leading DataTech NBFC focused on MSME lending, has achieved a significant milestone by receiving the highest rating of ‘IND A1+’ for its short-term instrument – Commercial Papers (CP) for 7 to 365 days for issue size of INR 2,000 million, as assigned by India Ratings and Research (Ind-Ra). This rating upgrade underscores UGRO’s robust performance and strategic vision, highlighting its significant achievements and strong growth trajectory.

Further, Ind-Ra has upgraded the Company’s Non-convertible debentures (NCDs) to ‘IND A+’ from ‘IND A’ with Stable outlook for issue size of INR 8,500 million, Bank loans to ‘IND A+’/Stable for issue size of INR 18,500 million and Sub-debt to ‘IND A+’/Stable for issue size of INR 500 million. The rating upgrade reflects UGRO’s rapid expansion and growth in franchise, driven by its diverse funding mix, healthy capital buffers, and comprehensive product offerings tailored to MSMEs. UGRO’s geographic and sectoral diversification, along with its strategic partnerships and technological advancements, have been pivotal in achieving this milestone.

Mr. Shachindra Nath, Founder and Managing Director of UGRO Capital, expressed his enthusiasm about the rating upgrade, stating, “We are thrilled to receive the highest rating of ‘IND A+’ from India Ratings and Research. This upgrade is a testament to our strategic vision, robust financial performance, and unwavering commitment to our belief since inception – that MSME Accha Hai. India’s MSME need affordable cost of borrowing, UGRO ability to lend at affordable rates is a function of its own cost of borrowing and hopefully lenders would take notice of this upgrade and our cost of borrowing would come down over period of time with this rating upgrade.”

UGRO’s asset under management (AUM) saw a multi-fold increase, reaching INR 90.4 billion at the end of FY24 from INR 13.2 billion at the end of FY21. This growth was significantly supported by its off-book portfolio, which grew to INR 40.8 billion from just INR 0.11 billion in FY21. The on-book AUM also showed a robust compound annual growth rate (CAGR) of 56% during the same period.

The company has successfully forged 12 co-lending and co-origination partnerships, including 6 with public sector banks, and nearly 30 fintech partnerships. UGRO has also expanded its branch network from 25 to over 150, with plans to increase to 250 branches, emphasizing micro-branches.

UGRO has demonstrated a strong track record of capital raising, with significant equity infusions totalling INR 12.7 billion in the fourth quarter of FY24 and additional capital raised in Q1FY25. The company’s capital base stood at INR 14.38 billion at the end of FY24 and would have 27 billion Capital by end of FY 26. It has a capital adequacy ratio of 20.75% and a steady leverage ratio of 3.2x.

UGRO continues to focus on funding MSMEs with diversified exposure across various segments, including property-secured loans, machinery financing, retailer financing, and business loans. The company’s strategic shift towards high-yielding products and increased emphasis on micro-loans is expected to enhance profitability and margins.

Investments in technology infrastructure, data analytics, and a blend of physical and digital frameworks have positioned UGRO Capital for continued growth. The acquisition of MyShubhLife, an embedded finance fintech platform, will further enable UGRO to target the high-yielding retailer financing segment.

UGRO’s funding mix is well-diversified, with mobilized funds from 57 financiers, including major public and private sector banks. The company maintains a strong liquidity position, with a total liquidity of around INR 7.0 billion at the end of Q1FY25, covering debt obligations for 3 months without considering collections.

About UGRO Capital Ltd (NSE: UGROCAP) (BSE: 511742)

UGRO Capital Limited is a DataTech Lending platform, listed on NSE and BSE, pursuing its mission of “Solving the Unsolved” for the small business credit gap in India, on the back of its formidable distribution reach and its Data-tech approach.

The Company’s prowess in Data Analytics and strong Technology architecture allows for customized sourcing platforms for each sourcing channel. GRO Plus module which has uberized intermediated sourcing, GRO Chain, a supply chain financing platform with automated end-to-end approval and flow of invoices, GRO Xstream platform for co-lending, an upstream and downstream integration with fintechs and liability providers, and GRO X application to deliver embedded financing option to MSMEs. 

The credit scoring model GRO Score (3.0) a statistical framework using AI / ML driven statistical model to risk rank customers is revolutionizing the MSME credit by providing on-tap financing like consumer financing in India.

UGRO has executed Co-lending model in India which is prevalent in the West through Co-Lending relationships with 10+ Large Public Sector Banks and large NBFCs and built a sizeable off-balance sheet asset of more than 46% of its AUM through the GRO Xstream platform.

The Company is backed by marquee institutional investors (raised INR 900+ Cr of equity capital in 2018, INR 340 Cr in 2023 and INR 1265 Cr in 2024) and aims to capture 1% market share over the next three years. For more information, please visit: http://www.ugrocapital.com/

 

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MagFone Christmas & New Year Sale: Unbeatable Discounts for the Holiday Season

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7 hours ago

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December 22, 2024

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The festive season is upon us, and MagFone is here to make your holidays even brighter with an exclusive Christmas & New Year sale! From incredible discounts on best-selling products to special deals on new products, MagFone is the ultimate destination for holiday shopping. From December 18, 2024 to January 6, 2025, this sale offers up to 80% off discount for everyone. Let’s dive into the details of the most awaited sale of the year.

HONGKONG, Dec. 21, 2024 /PRNewswire-PRWeb/ — What Can You Get from MagFone Christmas & New Year Sale?

New arrival – Location Changer is only $1.99 to everyone in this MagFone Christmas & New Year Grand sales. Moreover, everyone can enjoy up to 80% OFF.

1. Best-Selling Products at Up to 70% OFF

Resolving various iOS system issues or unlocking locked Apple devices like iPhone and iPad by yourself at home with MagFone’s flagship products, now available at unbeatable prices. Best-selling products such as iPhone Unlocker, Activation Unlocker, and iOS System Recovery are up for grabs with discounts of up to 70% off. Don’t miss out on this chance to get MagFone’s best-selling products at jaw-dropping prices.

MagFone iPhone Unlocker at $20.95/month and $41.95/lifetime.MagFone Activation Unlocker at $20.95/month and $41.95/lifetime.MagFone iOS System Recovery at $17.95/month and $48.95/lifetime.

2. New Arrival to Get with Only $1.99

Whether you want to change your location on your mobile device or simulate GPS movement in various games, MagFone’s new product – Location Changer – is perfect for you. Designed for both iOS and Android users, this tool comes equipped with advanced location changing features, flexible movement speed, and customizable route. With only $1.99, it is a must-have for this Christmas sale if you have the demand to change your device location.

3. 4-in-1 Bundle to Maximize Your Savings

MagFone values all loyal customers and offers exclusive pers during the Christmas & New Year sale. A super 4-in-in bundle is at reduced prices, which enables you to get all products from MagFone with an 80% off discount. This bundle includes all the tools you need, whether you’re looking to resolve various system problems and unlocking issues or change iPhone and Android device’s location. Don’t miss this chance to get all MagFone products at unbeatable prices.

MagFone Christmas & New Year Sale is a limited-time event, running from December 18, 2024 to January 6, 2025. With discount this good, products are expected to get at the lowest price this year. Don’t wait until the last minute—start shopping now to get MagFone products at the best deals.

About MagFone:

MagFone is redefining tech innovation with state-of-the-art technology and intuitive design. Whether their flagship products like iPhone Unlocker or newly-released tools like Location Changer, MagFone products are built for performance and flexibility.

YouTube: https://www.youtube.com/@magfone

Facebook: https://www.facebook.com/magfone/

X: https://x.com/magfone

Media Contact

Olivia Wood, MagFone, 86 19186985874, support@magfone.com, https://www.magfone.com/

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SOURCE MagFone

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Dr. Ashley Milhizer Sees 300% Growth in 2024 at Real Results Medical & Aesthetics

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12 hours ago

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December 21, 2024

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After nearly two years in business, Dr. Ashley Milhizer’s Tempe-based center for naturopathic medicine and aesthetics has experienced the type of growth that rival industry titans. Real Results Medical & Aesthetics – soon to be opening a second location in Scottsdale in early 2025 – has seen an impressive 300% growth since opening their doors in March 2023.

TEMPE, Ariz., Dec. 21, 2024 /PRNewswire-PRWeb/ — After nearly two years in business, Dr. Ashley Milhizer’s Tempe-based center for naturopathic medicine and aesthetics has experienced the type of growth that rival industry titans. Real Results Medical & Aesthetics – soon to be opening a second location in Scottsdale in early 2025 – has seen an impressive 300% growth since opening their doors in March 2023.

Aside from patient referrals and cutting-edge technology, Milhizer credits social media as one of the biggest avenues for growth. “Between TikTok and Instagram we’ve amassed over 25,000 followers and that accounts for about 70% of our new business.”

Aside from patient referrals and cutting-edge technology, Milhizer credits social media as one of the biggest avenues for growth. “Between TikTok and Instagram we’ve amassed over 25,000 followers and that accounts for about 70% of our new business,” said Dr. Ashley Milhizer, Founder of Real Results Medical & Aesthetics.

On both platforms, Dr. Milhizer shares educational videos and insights into various medical & aesthetic procedures. Her engaging content not only highlights the quality of care she provides but also educates her audience on the latest trends and treatments in the field.

Originally from Michigan, and a graduate of UC Davis and the Southwest College of Naturopathic Medicine & Health Sciences, it was Dr. Milhizer’s personal experience in seeing how natural remedies can significantly impact the body that inspired her to get into the field.

“While I was in school, a friend of mine was diagnosed with stage 3 cancer and was given up to 18 months to live and I became determined to research every kind of remedy that could potentially help,” said Dr. Milhizer. “From a healthy diet, supplements and a host of other naturopathic strategies, we tried everything we could find and two months later he was in remission, and he’s still alive today.”

The power of naturopathic remedies, following an early career path in sports medicine – which enabled her to work with some of the state’s top professional athletes – is what led her to forming Real Results Medical & Aesthetics. The company’s broad depth of services is also what allowed her to expand her reach of clientele beyond athletes to everyone from the Valley’s elite CEOs and stay at home Moms to patients ranging from their early 20s to upper 80s.

The naturopathic services offered at Real Results Medical & Aesthetics include hormone optimization, peptide therapy, IV therapy, natural pain relief, weight loss, food allergy testing and overall diagnostic testing. While the aesthetics side of the business offers services such as hair restoration, skin resurfacing, botox, fillers, microneedling, RF Plasma skin resurfacing, laser treatments, vein removal and body contouring.

For more information on Real Results Medical & Aesthetics, visit www.realresultsmedical.com or call/text 480.245.5636. For ongoing news, updates and service offerings, follow Dr. Milhizer on Facebook, Instagram and LinkedIn.

Media Contact

Kendra Riley, Real Results Medical & Aesthetics, 1 4802206051, kendra@dawningpr.com 

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SOURCE Real Results Medical & Aesthetics

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ICEYE expands its Earth Observation capabilities with launch of two SAR satellites for mid-inclination orbit on the Bandwagon-2 mission with SpaceX

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17 hours ago

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December 21, 2024

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Mid-inclination orbit provides more SAR-imaging opportunities at middle latitudes of the globe for ICEYE customers.

HELSINKI, Finland, Dec. 21, 2024 /PRNewswire/ — ICEYE, the global leader in SAR satellite operations for Earth Observation and persistent monitoring, announced today that it has launched two new satellites to its constellation of SAR satellites. Both satellites expand the availability of ICEYE’s latest imaging technology to deliver additional 25 cm imaging capacity. The satellites were integrated via Exolaunch and launched as part of the Bandwagon-2 rideshare mission with SpaceX from Vandenberg Space Force Base in California, USA. Both satellites have established communication, and early routine operations are underway. With today’s launch, ICEYE has successfully launched 40 satellites into orbit since 2018, with nine satellites launched in 2024 alone.

The new SAR satellites were launched into mid-inclination orbits; compared to a polar orbit, these mid-inclination orbits provide more than twice the collection opportunities at middle latitudes of the globe. ICEYE customers have many areas of interest in these middle latitudes (+/- 45 degrees), and these customers will benefit from increased persistence over these regions. Customers with imaging interests outside these middle latitudes will continue to benefit from the frequent revisit enabled by ICEYE’s dozens of satellites in polar orbits. ICEYE’s unique mix of mid-inclination and polar orbits provides its customers with deep revisit capabilities for targets all around the globe. The new satellites will serve ICEYE’s commercial missions as part of the world’s largest SAR satellite constellation owned and operated by ICEYE.

Rafal Modrzewski, CEO and Co-founder of ICEYE said: “This launch marks another significant milestone in ICEYE’s ability to provide our customers with a rich diversity of collection opportunities. We bolster our industry-leading SAR constellation and expand our customers’ collection opportunities in the areas most important to them.”

Today’s launch is another step forward in ICEYE’s steady drumbeat of innovative breakthroughs in Earth Observation. This year alone, ICEYE has, for example, introduced Dwell Precise, a new 25 cm imaging mode that offers its customers the highest-fidelity 25cm imaging capability, and adds advanced capability to ICEYE’s line of Dwell products; launched an API that allows customers to directly task its SAR satellite constellation; and launched ICEYE Ocean Vision to provide actionable intelligence for maritime domain awareness.

About ICEYE

ICEYE delivers unparalleled persistent monitoring capabilities to detect and respond to changes in any location on Earth, faster and more accurately than ever before.

Owning the world’s largest synthetic aperture radar (SAR) satellite constellation, ICEYE provides objective, near real-time insights, ensuring that customers have unmatched access to actionable high-quality data, day or night, even in challenging environmental conditions. As a trusted partner to governments and commercial industries, ICEYE delivers intelligence in sectors such as insurance, natural catastrophe response and recovery, security, maritime monitoring, and finance, enabling decision-making that contributes to community resilience and sustainable development.

ICEYE operates internationally with offices in Finland, Poland, Spain, the UK, Australia, Japan, UAE, Greece, and the US.  We have more than 700 employees, inspired by the shared vision of improving life on Earth by becoming the global source of truth in Earth Observation.

Media contact: press@iceye.com

Visit www.iceye.com and follow ICEYE on LinkedIn and X for the latest updates and insights.

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SOURCE ICEYE

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