With the recent capital raise of Rs13.3bn (Rs2.75bn of CCD and Rs10.58bn ofWarrants) and acquisition of embedded lending Fintech (“MyShubhLife”), UgroCapital is well capitalized and powered for the next leg of growth from Rs90bnto Rs200bn of AUM, with RoA improving to 4.3% from 2.3% over FY24-27E.