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Godrej Industries announcesthe launch of Godrej Capital
· Godrej Capital is the financial services arm of the Godrej Group and aims to build a balance sheetof ~INR 30,000 crore by 2026
· The business will expand its retail operations in six new cities this financial year in addition to diversifying customersegments and launching new business lines
· Godrej Industries has committed to infuse INR 1,500 crore into its financial services venture and expects the business to require a total of INR 5,000 crore of equity investment by 2026
Mumbai, April 11, 2022: With the aim of scalingup its ambition in the financial servicessector, Godrej Industries Limited (GIL) today announced the launch of Godrej Capital Limited (GCL). GCL is a subsidiary of GIL and is the holding entityfor Godrej HousingFinance (an HFC) and Godrej Finance Limited (an NBFC). With the ultimate aim of building a world class retail financial services businessand a near term aim of buildingan INR 30,000 crore balancesheet by 2026,GIL has committed to invest INR 1,500 crore in capital in GCL.
Godrej Capital currentlyhas its footprint across Mumbai, Bengaluru, Delhi NCR, Ahmedabad, and Pune and will soon be operational in six new cities, i.e., Jaipur, Chandigarh, Hyderabad, Chennai, Indore and Surat.
Speaking on the development, Pirojsha Godrej, Chairman, Godrej Capital, said, “Godrej Capital will form a key pillar in the overall growth of the Godrej Group. We started with home loans in selectgeographies in 2020.Having seen strongcustomer acceptance of our offering,we are very optimistic aboutthe prospects of our financialservices venture and will be entering new markets and enhancing our reach across key target sectorsand consumer segments”.
The company will continue maintaining focus on the growth of secured loans consisting of home loans and Loans Against Property(LAP). Additionally, to fulfil businessand geographic aspirations, the business aims to grow its team by 50% to approximately 500 people in this financial year.
Manish Shah, MD & CEO, Godrej Capital, said, “We have successfully implemented a digital-first approach at Godrej Housing Finance through innovative products such as Design Your EMI and end-to-end contactless solutions delivered digitally. This has inspiredus to grow our footprint and to broaden our service offerings to different customer segments through affordable housing loans and unsecured loans. We envision Godrej Capital becoming a new- age, leading retail financial services institution in the yearsahead.”
Godrej Capital, for scalable operations, is investing in building capabilities through talent, technology and analytics that will power business growth.
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