(MENAFN- KNN India)
Lucknow, Jun 18 (KNN) Piramal Capital & housing Finance Ltd. (Piramal Finance), the wholly-owned subsidiary of Piramal Enterprises Ltd, has announced that 70 per cent of its total assets under management (AUM) of INR 68,845 crore is from the retail lending business.
The company plans to rapidly expand its retail portfolio to cater to unserved and underserved markets across India, particularly in Uttar Pradesh.
In Uttar Pradesh, Piramal Finance has a strong presence with 45 branches located in major cities like Lucknow, Varanasi, Meerut, Kanpur, Mathura, Noida, and Gorakhpur.
The retail lending portfolio primarily includes home loans, small business loans, used car loans, and unsecured loans.
Piramal Finance's innovation and 'Technology Backed Lending' strategy, which combines physical distribution with digital enablement, has accelerated the development of a multi-product retail lending platform serving customers across Bharat.
The company offers more than 13 loan products, including home, business, personal, and used car loans.
Jairam Sridharan, Managing Director of Piramal Finance, stated, "We at Piramal Finance are delighted with the strong growth in retail lending in FY24 and are dedicated to sustaining this momentum.
Uttar Pradesh continues to be a strong growth market for us, and we are confident in our ability to maintain this success."
Sridharan added, "We will continue to serve budget-conscious customers in Bharat, particularly in Tier 2 and Tier 3 cities, by investing in technology and expanding our branch network.
We aim to penetrate deeper into non-metro markets, driving economic progress and unlocking value for our customers."
As of March 31, 2024, Piramal Finance has a branch network of 487 branches and 194 microfinance branches, spread across 26 states, 625 districts, and 404 cities and towns.
The company plans to scale up its branch network by adding 100 more branches in FY2025, resulting in 600 branches across 1,000 locations, with a focus on reaching customers in tier-II, tier-III towns, and the outskirts of tier-I towns.
Piramal Finance is among the largest national NBFCs in India and aims to grow its AUM to INR 1.5 lakh crore by FY28 from the current level.
The company plans to expand its retail business to constitute 75 per cent of the total book, with the remaining 25 per cent as wholesale lending.
(KNN Bureau)
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