Mumbai-based conglomerate Godrej Industries (GIL) announced the launch of Godrej Capital Limited (GCL). With this, GIL aims to scale up its prospects in the sector. GCL is a subsidiary of Godrej Industries and the holding entity for Godrej Housing Finance and Godrej Finance Limited, as per the exchange filing.
The filing further states that Godrej Industries has committed to investing Rs 1,500 crore in GCL with the aim of building retail financial services business and an aim of building a Rs 30,000 crore balance sheet by 2026. Godrej Capital has its footprints in Mumbai, Bengaluru, Delhi-NCR, Ahmedabad and Pune.
It will also be operational in six new cities – Jaipur, Chandigarh, Hyderabad, Chennai, Indore and Surat. The company will keep its focus on growth of secured loans segment comprising home loans and Loans against Property (LAP). The business also aims to grow its team by 50 per cent to ~500 people in this financial year to fulfill business and geographic vision.
“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,” Godrej Capital Chairman Pirojsha Godrej said.
Godrej Capital MD and CEO Manish Shah said that they have successfully implemented digital-first approach at Godrej Housing Finance via Design Your EMI and end-to-end contactless solutions delivered digitally.
He added, “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.”