Surat : Godrej Capital, the financial services arm of Godrej Group, has expanded its operation in Gujarat with the launch of its office in Surat. 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 (MSMEs) in the Q4 FY23 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.
Surat remains an essential market for Godrej Capital as private lenders account for ~INR 7500 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 70+ channel partners in Surat to provide various product offerings across MSMEs.
Godrej Capital currently has a balance sheet of ~INR 4000 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 1300+ channel partners and over 270 developers, Godrej Capital serves close to 7,300 customers across Home Loans and Loan Against Property.
Mr. Manish Shah, MD & CEO at Godrej Capital said, “Surat makes up an important part of our growth agenda as we look to scale up operations in Gujarat. Government initiatives have facilitated rapid economic growth for SME’s. We see a lot of growth potential on the back of our innovative product offerings and digital-first approach. Our focus remains on partnering with business owners in Surat 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 installment 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.
