look news india
Jaipur, March 12 (HS). Godrej Capital, the financial services arm of the Godrej Group, has expanded its product offering to Jaipur, Alwar, Udaipur and Jodhpur in Rajasthan, with the launch of unsecured business loans, loans against property and flexi funds last year. Flexi Funds, essentially an overdraft-like facility, will soon be available in these markets along with unsecured business loans.
Last year, the company launched unsecured business loans for MSMEs in 31 markets across the country, including Jaipur, Alwar, Udaipur and Jodhpur. Godrej Capital's business loans are focused on micro, small and medium enterprises (MSMEs) including retail businesses, traders, manufacturers and service providers with a turnover of Rs 1-50 crore.
Godrej Capital, the holding company of Godrej Housing Finance and Godrej Finance Limited, also intends to venture into supply chain financing in FY2025 through its subsidiaries in a move towards enhancing financial inclusion for a larger number of MSMEs. Currently, the company is focusing on expanding its product and offering in Rajasthan with the aim of achieving 10 percent market share in the region. Godrej Capital has partnered with over 120 channel partners in the state to provide various product offerings to MSMEs.
It is noteworthy that Rajasthan is an important market for the growth journey of Godrej Capital and the company has expressed hope that there will be a substantial contribution from the state towards the targeted balance sheet of Rs 50 thousand crore by 2028.
Manish Shah, MD & CEO, Godrej Capital, said, “As the MSME sector continues to grow, Rajasthan remains a key market for us. During the last year, there has been a significant change in our functioning in the State. The market is showing remarkable potential. This success can be attributed to our innovative products as well as our customer centric vision. Our vision reflects our commitment to empowering small business owners. Additionally, Godrej Capital through initiatives like 'NIRMAN' provides small businesses with credit support as well as resources required for their overall growth. We would like to take this opportunity to highlight that we will work dedicatedly to further enhance our offerings to meet the diverse financial needs of Rajasthan's dynamic business community.”
With a vast network of around 3,500 channel partners, Godrej Capital services over 20 thousand loan accounts across various products. It is looking to expand the distribution network to more than 10 thousand partners in the next two years. Apart from Jaipur, Alwar, Jodhpur and Udaipur in Rajasthan, Godrej Capital is expanding its MSME loan offering to more than 30 cities including Mumbai, Bangalore, Delhi-NCR, Pune and Surat.
Godrej Capital recently expanded its partnership base for the first-of-its-kind digital platform 'Nirman'. 'Nirman' is a one-stop business solution designed to provide better opportunities to MSME owners to grow their business. The company has partnered with 13 lenders including DBS Bank India, Visa, Amazon, GeMtech Paras, Escrow Pay, Onsurety and MSMEX to increase potential market access, simplify legal and compliance regulations, provide financial support, help employee health and well-being. Has partnered with more than 100 partners. Business coaching for small businesses is also provided through this initiative.
