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 GodrejHousing Finance (an HFC) and Godrej Finance Limited (an NBFC). With the ultimate aim of building a world class retailfinancial services business and a near term aim of building anINR 30,000 crore balance sheet by 2026, GIL has committed to invest INR 1,500 crore in capital in GCL.
Godrej Capital currently has its footprint across Mumbai,Bengaluru, Delhi NCR, Ahmedaba, 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 homeloans in select geographies in 2020. Having seen strongcustomer acceptance of our offering, we are very optimistic aboutthe prospects of our financial services venture and will beentering 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 AgainstProperty (LAP). Additionally, to fulfil business and geographicaspirations, 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 DesignYour EMI and end-to end contactless solutions delivereddigitally. 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 retailfinancial 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.