Sundaram Home Finance Ltd. (SHFL) has opened a new branch in Kota and plans to open another one in Udaipur in the coming months, as part of its plan to expand its footprint beyond South India.
“In Rajasthan, SHFL has branches in Jaipur, Ajmer and Jodhpur. We believe there is potential to register disbursements of about ₹300 crore in the next 2-3 years,” Managing Director D. Lakshminarayanan said in a statement.
According to him, the current expansion in Rajasthan combined with the company plans to target the Western India market will go towards gradually expanding SHFL footprint outside South India.
“Over the last couple of years, we have strengthened our presence in South India expanding into Tier 2 and 3 towns. While we will continue to penetrate deeper into remote towns in this market, we are exploring opportunities to expand further in select geographies outside the South market,” he said.
Speaking on the potential in Rajasthan, he said that it was a vibrant market with a high degree of credit culture and was growing rapidly with urbanisation and economic prosperity.
Overall, SHFL has over 140 branches in the Southern region and in Madhya Pradesh, Rajasthan, Maharashtra and Gujarat.
