Godrej launches Godrej Capital to expand its financial services biz

Godrej Industries Ltd (GIL) has established Godrej Capital Ltd (GCL) to expand its financial services business. GIL has committed to invest Rs 1,500 crore in GCL’s capital. Godrej Housing Finance, an Housing Finance Company Limited (HFC) and Godrej Finance are owned by GCL, a subsidiary of GIL. By 2026, it wants to have a balance sheet worth Rs 30,000 crore. The firm will continue to focus on secured loan growth, which includes house loans and loans against property (LAP). In addition, the company plans to increase its workforce by 50% this fiscal year (FY), to around 500 individuals, to meet its commercial and geographic goals. Pirojsha Godrej, Godrej Capital Chairman, told the media that in 2020, they began offering property loans in a few areas. He said they are keen on the possibilities of the financial services business, having witnessed good customer acceptance. The Chairman said that they would be entering new areas and expanding their presence across key target industries and consumer categories. Currently, Godrej Capital has its footprint across Mumbai, Bengaluru, Delhi NCR, Ahmedabad, and Pune and soon would be operational in six new cities: Jaipur, Chandigarh, Hyderabad, Chennai, Indore and Surat. Godrej Capital's MD and CEO, Manish Shah, said that at Godrej Housing Finance, they have successfully executed a digital-first strategy with innovative products like Design Your EMI and digitally delivered end-to-end contactless solutions. He said that this motivated them to expand their network and enhance service offerings to include affordable home loans and unsecured loans for a variety of consumer categories. Image Source Also read: Godrej Properties to develop housing project in Pimpri-Chinchwad