UGRO Capital on Wednesday said it has received a patent from the government’s patent office for its proprietary credit scoring model “GRO Score”.

The MSME-lending focussed non-banking finance company (NBFC) received patent for “Method and System for Modelling Credit Scorecards”, as per a company statement.

Now in its third iteration, GRO Score 3.0 leverages alternate data, such as repayment histories, banking transactions and GST records, to provide a comprehensive assessment of borrowers without formal income documentation, it added.

UGRO said to date, its credit scoring model has assessed over 1.7 lakh loan applications, analysing over 5.6 lakh bureau records, 2.3 lakh bank statements and 80,000 GST reports, unlocking capital for MSMEs.

Shachindra Nath, Founder and Managing Director of UGRO Capital, said, GRO Score 3.0 provides nuanced risk assessments tailored to the unique challenges of MSME borrowers, creating opportunities for growth and resilience within this critical sector.