Godrej Industries announces the launch of Godrej Capital
Mumbai, April 11, 2022
Godrej Industries Limited (GIL) today announced the launch of Godrej Capital Limited (GCL) to scale up its ambition in the financial services sector.
GCL is a subsidiary of GIL and is the holding entity for Godrej Housing Finance (a housing finance company) and Godrej Finance Limited (a non-banking finance company).
"With the ultimate aim of building a world class retail financial services business and a near term aim of building an INR 30,000 crore balance sheet by 2026, GIL has committed to invest INR 1,500 crore in capital in GCL," a press release from Godrej said.
Godrej Capital currently has its footprint across Mumbai, Bengaluru, Delhi National Capital Region (NCR), Ahmedabad, and Pune and will soon be operational in six new cities -- Jaipur, Chandigarh, Hyderabad, Chennai, Indore and Surat.
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 release said the company would 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% 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 release added.