Godrej Industries launches financial services arm Godrej Capital

11 Apr 2022 , 04:23 PM

Godrej Properties Ltd has informed that with the aim of scaling up its ambition in the financial services sector, Godrej Industries Limited (GIL) on Monday has 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 Rs30,000 crore balance sheet by 2026, GIL has committed to invest Rs1,500 crore in capital in GCL.

On Monday, Godrej Properties ended at Rs1688.20 per piece higher by 1.38% on Sensex.

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, 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 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 newage, leading retail financial services institution in the years ahead.”