Piramal Capital & Housing Finance Ltd., referred to as Piramal Finance, the wholly-owned subsidiary of Piramal Enterprises Ltd, recently announced that 70% of its loan book, out of the total assets under management (AUM) of INR 68,845 crore, is from the retail lending business. The company plans to rapidly expand its retail portfolio and cater to unserved and underserved markets in Bharat.

In Delhi, the company has 11 branches located in Dwarka, Pitampura, Laxmi Nagar, Rohini, among others

The retail lending portfolio primarily includes home loans, small business loans, used car loans, and unsecured loans. The company’s innovation, combined with ‘Technology Backed Lending’ which is a physically-distributed and digitally-enabled strategy, has accelerated the development of a multi-product retail lending platform to serve the people of Bharat. The company offers more than 13 loan products, including home, business, personal, and used car loans.

Piramal Finance is among the largest national NBFCs in India and plans to expand its retail business to constitute 75% of the total book, with the remaining 25% as wholesale lending. As of Q4 FY24, the retail book accounted for 70% at around INR 48,000 crore, while the wholesale book comprised 30%. The company aims to grow its AUM to INR 1.5 lakh crore by FY28 from the current level.

Jairam Sridharan, MD, Piramal Finance said, “We at Piramal Finance are delighted with the strong growth in retail lending in FY24 and are dedicated to sustaining this momentum. Delhi continues to be a strong growth market for us, and we are confident in our ability to maintain this success. We will continue to serve budget-conscious customers in Bharat, particularly in Tier 2 and Tier 3 cities, by investing in technology and expanding our branch network. We aim to penetrate deeper into non-metro markets, driving economic progress and unlocking value for our customers.”

As on 31^st March, 2024, the company has a branch network to 487 and 194 microfinance branches, spread across 26 states, 625 districts, and 404 cities and towns. Further, the company plans to scale up the branch network by adding 100 more branches in FY2025, resulting in 600 branches across 1,000 locations. This expansion aims to reach customers in tier-II, tier-III towns, and the outskirts of tier-I towns. The customer base has grown to 4.1 million as of 31^st March 2024, compared to 3.3 million in the same period last year.