IndoStar Capital Finance Ltd. (IndoStar) a non-banking financial company, has entered affordable home finance and vehicle financing to meet its aspirational growth, said a top executive. “So far, we were financing corporates, retail and Small and Medium Enterprises,” said R. Sridhar, executive vice-chairman & CEO, IndoStar Capital Finance Ltd. “We are now adding to more verticals – affordable home finance and vehicle financing.”
The company, which offers tailor-made financial services corporates and Loan Against Property (LAP) to SMEs, had a net worth of ₹2,023 crore as of September 2017. It has a loan book of ₹20,000 crore and has lent ₹4,000 crore to corporates and ₹1,000 crore to retail.
“As Chennai is the headquarters for many automobile firms, we have strategically based our vehicle finance business here. It will be the growth engine for our retail lending business,” Mr. Sridhar said.
Stating that the company had set an ambitious target to reach a turnover ₹50,000 crore in five years, he said: “Most of the growth will come from vehicle finance and home finance operations. We are going to open 5-6 branches in Chennai and up to 50 branches in Tamil Nadu by March 2018. Besides, we will also offer our services in 15 States. Our offices will provide all the services under one roof.”
