Godrej Capital to target 10% market share in Jaipur
Jaipur, Nov 21, 2022: Godrej Capital, the financial services arm of Godrej Group, has forayed into Rajasthan with the launch of its first office in Jaipur. The company will target a 10% market share through a focus on Loan Against Property (LAP). In addition, it will launch unsecured business loans for Micro, Small & Medium Enterprises (SMEs) in Q4 FY 23 and, soon after, venture into supply chain financing. The unsecured business loans will focus on SMBs, including retail businesses, traders, manufacturers, and service providers, with a turnover of ₹1-50 crore.
Jaipur remains an essential market for Godrej Capital as private lenders account for ~INR 5000 crores per annum across LAP and Business Loans. The company plans to target 10% of the total market share in the first 18 months of operations. It has partnered with 40+ channel partners in Jaipur to provide various product offerings across MSMEs.
Godrej Capital closed first half of the financial year with balance sheet of ~INR 3500 crores and aims to grow to INR 6,000 in FY23 and is targeting INR 30,000 crores by 2026. With an expansive network of 970+ channel partners and over 270 developers, Godrej Capital serves close to 7,000 customers across Home Loans and Loan Against Property.
Mr. Manish Shah, MD & CEO, of Godrej Capital, said: “As a company, we are looking to scale our existing operations and expand our offerings through product innovations. Jaipur has immense potential and is an important market to begin our expansion journey in Rajasthan. As we look to enhance lending across the MSME segment, our focus remains on partnering with business owners in Jaipur so they can grow to potential.”
To further deepen its reach and enrich offerings for the MSME segment, the company recently introduced NeoLAP with expertise to assess multiple forms of Income, thus enabling business owners with higher loan amounts compared to what they will otherwise avail from the market.
Godrej Capital offers end-to-end digital services across products and services through innovative offerings such as e-signatures and digital loan applications. In addition, business owners can opt for repayment options like only interest payments for up to 3 years and quarterly or bi-monthly instalment payments under the “Design your EMI” program. With its bouquet of flexible offerings, Godrej Capital strives to be the preferred lender for the SME segment.