With the aim of scaling up its ambition in the financial services sector, Godrej Industries Limited (GIL) today announced the launch of Godrej Capital Limited (GCL).
GCL is a subsidiary of GIL and is the holding entity for Godrej Housing Finance (an HFC) and Godrej Finance Limited (an NBFC).
With the ultimate aim of building a world class retail financial services business and a near-term aim of building an Rs 30,000 crore balance sheet by 2026, GIL has committed to invest Rs 1,500 crore in capital in GCL, it said in a statement.
Godrej Capital currently has 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 select geographies in 2020. Having seen strong customer acceptance of our offering, we are very optimistic about the prospects of our financial services venture and will be entering new markets and enhancing our reach across key target sectors and 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 business and geographic aspirations, the business aims to grow its team by 50 percent 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 inspired us 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 years ahead.”
Godrej Capital, for scalable operations, is investing in building capabilities through talent, technology and analytics that will power business growth, the statement added.
