YOUNG TURKS, AGGRESSIVE APPROACH
The new-age financial services start-ups are well stocked with capital and group entities’ support
The segment’s players are eyeing inorganic growth routes, as well as scouting for distressed portfolios
They are riding piggyback on their group’s customer base, especially suppliers and dealers
They are also targeting earlier untapped smaller geographies
Their low-cost operating model, using technology and fintech partnerships, is proving advantageous
They are targeting new product segments like used cars, loans to professionals, and micro-loans for growth
TWO DAYS BEFORE the first nationwide lockdown in March 2020, the Godrej Group, best known for its locks and soaps, saw its first employee fall ill as it was finalising its financial services venture. Soon, everybody was asked to work from home. As things came to a halt, its non-banking finance company (NBFC) licence was also delayed. “We finally got started when the second wave struck. We have had nothing but adventures [since then],” says a beaming Manish Shah, MD & CEO of Godrej Capital, from the group’s headquarters in Vikhroli in suburban Mumbai.
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