From their recent credit rating report May 05, 2021 (Page 6)
"As per the asset liability management (ALM) statement dated March 31, 2021 (Provisional), Ugro has positive cumulative mismatch in all of its maturity buckets. The company has unencumbered cash and cash equivalents of ~Rs. 338.89 Cr. as on March 31, 2021. The company is adequately capitalised with networth of Rs. 950.46 Cr. coupled with a gearing of 0.58 times as on December 31, 2020. The company’s high capitalisation levels provides high flexibility to raise additional borrowings. It also has the flexibility to raise funds through securitisation transactions. The company has plans to maintain adequate liquidity in the form of unencumbered bank deposits/balances, liquid funds or unutilised bank lines to cover three months of requirements "
At today’s market cap of INR 729 Cr, you are effectively getting INR 339 Cr of cash + INR ~1,100 Loan AUM + Technology + Team;
Adjusted Price to Book (excluding the unused cash on book of INR 339 Cr) would be (729-339)/(950-339) = ~0.60x