Ugro Capital is planning to nearly double its total headcount by recruiting another 60 personnel in the next two months, even as the RBI-approved NBFC is readying to start commercial operations from January 1.

The move comes at a time when the sector is going through a bad phase with NBFCs not in an active hiring mode.

As of now, the company has already recruited 59 personnel and by the time it commences operations, the firm will have about 120 personnel across all its seven branches, said Shachindra Nath, Executive Chairman and Managing Director at Ugro Capital.

Ugro Capital will commence operations from seven locations – Delhi, Chennai, Bengaluru, Ahemdabad, Kolkata, Mumbai and Jaipur – and, in phase two, expand operations further across Tier-I cities. The firm will lend to eight specific sectors and 50 sub-sectors, cutting cheques of ₹50 lakh-3 crore.

In December 2017, Nath, a former CEO with Religare Group, acquired Chokhani Securities, a listed company, and renamed it Ugro Capital. He also raised institutional capital of about ₹1,000 crore.