With the aim of scaling up its ambition in the financial services sector, Godrej Industries Limited (GIL) 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 the capital in GCL.
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, of 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 fulfill business and geographic aspirations, the business aims to grow its team by 50 per cent to approximately 500 people in this financial year.
Manish Shah, MD & CEO, of 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 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.''
Speaking on the occasion, Deepak Goradia, Managing Director at Dosti Realty Ltd., said, ''This development comes at a time when customers are looking at rekindling their home and business aspirations which were on hold due to the ongoing pandemic. Godrej Capital's entry into affordable housing and unsecured business lending will further expand credit availability to the target segments. Partners like us and the real estate sector, in general, tend to benefit from such offerings and we look forward to the innovation that Godrej Capital will bring to the market.''
Rahul Soota, Executive Director, MyMoneyMantra, added, ''An increase in demand for housing finance across segments and the related shift to virtual engagements due to pandemic related restrictions have resulted in contactless engagements across the entire consumer cycle. Godrej Capital would play an important role in mobilizing funds through its proprietary technology and data-driven approach across consumer segments. Coupled with Godrej Group's legacy of trust and service delivery, the product offering from Godrej Capital will greatly benefit all their business partners and end-users alike.''
Godrej Capital, for scalable operations, is investing in building capabilities through talent, technology, and analytics that will power business growth.
(With inputs from PTI)
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