BATTLE ΤΟ WATCH: JIO FIN VS BAJAJ FIN

Reliance, with its scale and capital, will make it tough for NBFC incumbents and fintech players to grab incremental market share.

- V. KESHAVDEV

AT A RECENT press conference, Bajaj Finserv’s charismatic CMD, Sanjiv Bajaj, issued a zesty ultimatum. He said that those seeking to avoid unsolicited calls from representatives of Bajaj Finance will soon have the “right to be forgotten”, qualifying his remark thus, “… but then make sure, you never come back to us for your products and solutions.”

But Bajaj’s audacity isn’t just bluster; it’s backed by staggering numbers. Bajaj Finance is the undisputed heavyweight champ of non-bank lenders, boasting a jaw-dropping 73 million customer base. With a market capitalisation that bulldozes its nearest rival by a factor of five, a treasure trove of assets worth ₹2.7 lakh crore. Investors riding the Bajaj wave have enjoyed a compounded return rate of a stratospheric 42.8% over two decades. The fiscal year 2023 alone tells a tale of triumph, with 11.6 million new customers joining the Bajaj Finance fold. That’s a record-breaking enrollment for a single year, achieved in a gladiator arena teeming with 14 diverse non-banking financial companies (NBFCs) — and that’s not even counting the specialists in housing, microfinance, or gold loans.

Then comes a moment when Goliath confronts David. But the only twist here is a clash of titans — Goliath versus Goliath versus the Davids. The outcome of this battle could be anyone’s guess, but one thing is certain — the clash will be intense.