• ROFR Required
  • Available in Depository:

  • NSDL

  • CDSL

  • Available for Investment:

  • Primary

  • Secondary




Business Type

Traditional Business




Business Type

Traditional Business

In this research report, you will get a complete analysis of Utkarsh CoreInvest Pre IPO

- Utkarsh CoreInvest IPO Details
- Utkarsh CoreInvest Upcoming IPO Details
- Expected Utkarsh CoreInvest IPO Date
- Expected Price Band
- Management Details (Ownership)
- Business Model
- Key Ratios
- Peer Comparisons
- Complete financial reports (Profit and Loss Statements, Balance Sheets, Results, Growth, Valuations, Funding Rounds)
- Latest Utkarsh CoreInvest News (Articles and Videos)

- Upcoming and Past Events Details
- Rating and recommendations for the Company's shares (Whether to Buy/Sell/Hold)

- Utkarsh CoreInvest Share Price (Latest market stocks to buy)

Complete analysis of Utkarsh CoreInvest Limited (erstwhile Utkarsh Micro Finance Limited)



Face Value


Total Share


Total Income

₹853.97 Cr

Profit After Tax

₹62.21 Cr

Promoter Holding

74.56 %







Market Capitalisation

₹1,819.10 Cr

Enterprise Value

₹4,699.09 Cr

Book Value


Intrinsic Value


Earnings Yield

3.44 %




Diversified Financials


Small Cap

Cashflow - Operations

₹1,333.46 Cr

Cashflow - Financing

-₹759.30 Cr

Utkarsh CoreInvest Growth

Compounded Sales Growth

  • 24.24%

    1 Year

  • 30.62%

    4 Year

  • 48.90%

    8 Year

Pro Only

Compounded Profit Growth

  • 143.83%

    1 Year

  • 12.58%

    5 Year

  • 28.73%

    8 Year

Pro Only

Return On Equity

  • 4.31%


  • -8.45%


  • 13.57%


Pro Only

About Utkarsh CoreInvest

  • Utkarsh CoreInvest Limited (erstwhile Utkarsh Micro Finance Limited) is the promoting institution for 'Utkarsh Small Finance Bank Limited’. Utkarsh Micro Finance Limited started its operations way back in September 2009 to provide financial and non-financial services in its area of operations to the unbanked population who had the skills but were in need of capital.
  • The company started with credit under Joint Liability Group (JLG) model in FY 2009. Subsequently, it added Micro Enterprise Loans (MEL), Housing Loans and Micro Pension Products in its product bouquet. A snapshot of the Journey is captured at the Milestone page.
  • During FY 2016, the Reserve Bank of India granted licence to Utkarsh Micro Finance for setting-up a 'Small Finance Bank', subsequently to which the company formed a subsidiary in the name of 'Utkarsh Small Finance Bank Limited'.
  • Utkarsh CoreInvest Limited, through its subsidiary, Utkarsh Small Finance Bank Limited, provides commercial banking products and services in India. It offers deposit accounts, and microfinance, wholesale, and housing loans, as well as micro, small, and medium enterprise loans. The company also provides insurance, mutual funds, and remittances; institutional, government, and TASC services; debit cards; and ATM, POS payment, internet and mobile banking, and payment services.
  • The company was formerly known as Utkarsh Micro Finance Limited. Utkarsh CoreInvest Limited was incorporated in 1990 and is based in Varanasi, India

  • Utkarsh CoreInvest IPO Details

As of March 2022, The Company does not have any plans to bring an IPO

  • Utkarsh CoreInvest Funding

Funded By Funding Amount Date of Investment Funding Round Fund Name
Arpwood Partners, Faering Capital, HDFC ERGO General Insurance Company Limited, HDFC Standard Life Insurance Company Limited (HDFC Life Insurance Company Limited, ICICI Prudential Life Insurance Company Limited, RBL Bank Limited, Shriram Life Insurance Company Ltd.,Small Industries Development Bank of India ₹ 395 Cr 30 Sep 2016 5 Private Placement
Aavishkaar Goodwell, CDC Group plc (British International Investment Plc), International Finance Corporation; Lok Capital Group; Nordic Microfinance Initiative AS ₹ 132.98 Cr Dec 2014 4 Private Placement
Aavishkaar Goodwell India, Microfinance Development Company II; International Finance Corporation; NMI Frontier Fund; Nordic Microfinance Initiative AS ₹ 20 Cr Apr 2013 3 Private Placement
  • Utkarsh CoreInvest Subsidiaries

  • Utkarsh Small Finance Bank Limited (USFBL)

Utkarsh CoreInvest Business Model

USFBL was incorporated on April 30, 2016, the Bank received the final approval from RBI to carry on the business as a small finance bank on November 25, 2016.
The Bank started its operation on January 23, 2017, and is engaged in providing banking & financial services across strata, with a focused approach to serving the underbanked and the unbanked sections of society.
Business Model:- The bank provides the loan under the following categories:-
Micro banking loans include joint liability group loans, individual loans, and two-wheeler loans
Retail loans include unsecured loans such as business loans and personal loans, and secured loans, such as loans against property (“LAP”) and vehicle loans
Wholesale lending that includes short-term and long-term loan facilities to SMEs, mid and large corporates, and institutional clients housing loans with a focus on affordable housing.

  • Utkarsh CoreInvest Revenue Segmentation

  • Interest income
  • Fees and commission income
  • Net gain on fair value changes
  • Other income
  • Utkarsh CoreInvest Product & Services

  • Utkarsh CoreInvest Limited provides loan to its subsidiary “Utkarsh Small Finance Bank Limited”. 
  • Utkarsh CoreInvest Assets

The company has total assets worth Rs.14,932.04 crs. in FY22.

Amount (in crs.)
Leasehold Improvement
Office Equipment
Electrical Equipment
Rs. 37.3
Furniture and fixtures
Rs. 38.3
Rs. 5.5
Rs. 100.0
Computer software
Rs. 23.0
  • Utkarsh CoreInvest Industry Overview

Industry Statistics

A Non-Banking Financial Corporation (NBFC) is a company which involves in the lending business, financing, leasing, receiving deposits, stocks, shares acquisition, etc. The functions of the NBFC are managed by both the Ministry of Corporate Affairs and the Reserve Bank of India.
Types of NBFC:- On the basis of their activity, NBFCs are classified as CIC, Micro Finance Companies (MFC), Housing Finance Companies, and Asset Finance Companies.
Market Size:-
  • According to a report by Crisil, the asset under management (AUM) of the microfinance industry is estimated to be valued at Rs.1191.0 billion (bn) in FY21.
  • The AUM of the microfinance industry clocked 26.0% CAGR during fiscals 2016-2021 and is expected to grow at a 22.0% CAGR over FY21-24

Key Trends:-
  • Low share of banking credit and deposit indicates lower penetration in rural areas:- Despite its larger contribution to GDP of 47.0%, the rural segment’s share in credit remains fairly low at 9.0%-10.0% of the overall credit outstanding
  • Huge Section of Unbanked Population:- It is estimated that around 13.0 Cr people are unserved with the formal banking system.
  •  Use of Technology in Financial Transactions:- India has seen a tremendous rise in fintech adoption in the past few years and has the highest fintech adoption rate globally of 87.0% which is significantly higher than the global average rate of 64.0% 
  • Government support to improve the Agriculture sector:- National Bank for Agriculture and Rural Development (NABARD) has set up a subsidiary to provide credit guarantees to banks and NBFC to provide additional credit facilities to boost the Agriculture sector.
  • Contract farming:- The Government of India has permitted contract farming which has created a positive impact on the Agriculture sector. This will increase private sector investment in the sector also it will enhance stable income in the hands of farmers which would in turn give financial institutions comfort to provide enhanced loan volume and better Interest rates to farmers. 
  • Agriculture loan penetration:- Agriculture loans are highly concentrated towards the top six states which have agriculture penetration more than the pan-India average. India’s largest crop-producer state (Uttar Pradesh) has merely ~2.0% of agriculture penetration which indicates huge growth potential for Agriculture finance in the state.
  • Thrust on affordable housing:- The residential real estate segment saw two policy changes – The Real Estate (Regulation and Development) Act (RERA) and Goods and Services Tax (GST) which had a direct impact on the sector's demand-supply dynamics.  The sector had been battling weak demand for the past couple of years, and one of the key reasons was unaffordability. However, government initiatives have prompted developers to explore affordable housing as a new area. Going ahead, about half of the incremental supply being added to urban stock is expected to be via affordable housing. During fiscals 2020 to 2024, it is estimated that overall residential construction will increase at 6.0%-7.0% CAGR in value terms compared with 1.5% CAGR in the past five years. 

Growth Drivers:-

  • Urbanization:- It will drive substantial investments in infrastructure development, which, in turn, is expected to lead to job creation, development of modern consumer services, and increased ability to mobilize savings. As per the 2018 revision of World Urbanization prospects, India’s urbanization was expected to reach 35.0% in 2020. This is expected to reach 37.0% by 2025.   
  • Increase in Disposable Income:- Gross National Disposable Income (GNDI) at current is estimated at Rs. 200.8 lakh Cr for the year 2021. This income will allow people to spend more on discretionary items.
  • India has the world’s second-largest population:- India’s population was 1.2 bn and comprised nearly 245.0 million (mn) households. The population is expected to reach 1.5 bn by 2031, and the number of households is expected to reach 376.0 mn over the same period 
  • Unserved MSME:- The share of MSME gross value added in the national GDP is 30.0%. The latest MSME census figures indicate India has 63.8 mn unincorporated MSMEs. IFC9 estimates the total addressable credit gap in the MSME segment to be ₹ 25.8 tn and growing at a CAGR of 37.0% (total addressable market demand by the MSME sector is approximately ₹ 37 tn, of which banks, other institutions and NBFCs supply about ₹ 10.9 tn).
  • Rise in 4G penetration and smartphone usage:- The digital revolution has paved the way for digital payments. The reach of mobile networks, the internet, and electricity is also expanding the digital payments footprint to remote areas. This is likely to increase the number of digital payment transactions. Mobile data consumption in India has grown ~25 times over fiscal 2015-20 at a CAGR of ~90.0%. The proportion of data subscribers is hence expected to rise to ~90.0% in fiscal 2025 from ~62.0% in FY20.  


  • Tata Investment Corporation Ltd
  • Bajaj Holdings

Future Prospects

  • Global microfinance is projected to reach $496.9 bn by 2030, growing at a compound annual growth rate (CAGR) of 10.8% from 2021 to 2030.
  • CRISIL Research expects Microfinance AUM to grow at  22.0% CAGR in the near term.
  • CRISIL Research expects Microfinance deposits to grow 40.0%-45.0% CAGR over fiscals 2021-2022

Government Initiatives

  • Pradhan Mantri Jan Dhan Yojana (PMJDY)- PMJDY launched in August 2014, is aimed at ensuring that every household in India has a bank account which they can access from anywhere and avail of all financial services such as savings and deposit accounts, remittances, credit and insurance affordably.
  • Pradhan Mantri Awas Yojna Gramin (PMAY G) - Under the PMAY-G, as many as 15.0 mn houses were completed as of September 20, 2021. The government has set up a target of constructing 20.2 mn houses by fiscal 2022 under the scheme.

Utkarsh CoreInvest Awards & Achievements

  • Received Microfinance India Organization of the Year (Small and Medium Category) Award 2012
  • Received Mix STAR (Socially Transparent And Responsible) Award 2013
  • Received MF Transparency Seal of Pricing Transparency Award
  • Received CIMSME's MSME Banking Excellence Award 2015
  • Received MFIN Awards, 2018 in “Effective Grievance Redressal Systems” category
  • Received “Social Impact Initiatives Award”, 2019 at the 5th Eastern India Microfinance Summit 2019

Utkarsh CoreInvest Strengths

  • Backing of Big Institutional Investors like British International Investment plc,  Housing Development Finance Corporation Limited, HDFC Life Insurance Company Limited, HDFC Ergo General Insurance Company Limited, ICICI Prudential Life Insurance Limited and Faering Capital India Evolving Fund
  • Long Legacy and deep understanding of microfinance segment since 2009, which depicts in strong and well diversified presence in rural and semi-urban areas spreading across 20 states and 2 union territories
  • Diversification of the product portfolio over the years into non-micro finance lending offering retail loans comprising unsecured loans such as business loans, personal loans and also secured business loans, loan against property, housing loans with a focus on affordable housing, CV / CE loans, gold loans, wholesale lending, both short-term and long-term loan facilities to SMEs, mid and large corporate and institutional clients.

Utkarsh CoreInvest Shortcomings

  • Concentrated portfolio in Uttar Pradesh & Bihar contributing to 60.8% of the portfolio.
  • Cost of funds is 7.3% which is marginally below the industry average of 7.4%. One of the competitor has has cost of funds at 5.8%.

Utkarsh CoreInvest Opportunities

  • Deglobalization & Push towards self-sustenance:- According to our own internal research, countries after the Ukraine-Russia war will push for self-sustenance in agriculture to ensure food security. Russia is the world’s largest exporter of wheat & Ukraine is the world’s fourth-largest producer of barley. Prices of wheat and barley jumped 37.4% & 29.7% respectively in the international market during the conflict (24, February 2022) threatening food security around the globe. 

  • Diversified distribution network with significant cross-selling opportunities
  • Increase share of fee income and capitalize on cross-selling opportunities
  • Total unbanked population in India is 190.0 mn which offers huge opportunity to cater to this population
  •  As at March 31, 2020, there were approximately 640,000 villages in India, inhabited by approximately 893.0 mn people, comprising approximately 66.0% of India’s population. Approximately 47.0% of India’s GDP comes from rural areas. The share of total credit outstanding is approximately 9.0% in rural areas and 91.0% in urban areas.

Utkarsh CoreInvest Threats

  • Rise in interest rates by RBI. In FY23, interest rates have hiked from 4.0% to 5.4%. 
  • Natural calamity like flood in rural areas hampers the people's ability to pay back the loans
  • Rural economy is mainly agriculture based, any delay or decline in monsoon will damage the rural economy and thus credit taking abilities
  • Intense competitions in Micro Financing by State owned banks, regional banks and other micro financing players
Utkarsh CoreInvest Rating



  • Utkarsh CoreInvest Detail Info

Industry Statistics


Registered In


last Updated


Registered Date


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This new SEBI rule was introduced in the month of August-2021, wherein the SEBI has reduced the lock-in period previously from 1 year to 6 months to encourage more and more funds to be invested in startups which are going to public or IPO in near future. Reduction of lock-in is seen as big step and after that many PMS funds are advising their clients to invest in Pre-IPO shares to get the benefit of early stage investment.

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