July 21, 2024

Piramal Finance Expands Branch Network in Rajasthan; Targeting 32 Branches by end of FY24 to Serve Budget Bharat Customers

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Jaipur, June 03rd, 2023: Piramal Capital & Housing Finance Limited, herein referred to as Piramal Finance, the wholly owned subsidiary of Piramal Enterprises Ltd (‘PEL’) today announced the opening of five new branches in Rajasthan. The company is looking at a 500-600 strong branch network across 1,000 locations as it expands to small towns in India.

With the addition of five new branches, Piramal Finance now has 27 full service branches and 25 microfinance branches in the state. It plans to take the branch count in the state to 32 by end of FY2024.  The company is present across key markets like Jaipur, Jodhpur, Udaipur, Ajmer, Bikaner and Jhunjhunu among others. The company’s strategic plan for the next three years involves expanding its presence in the state with a wide range of multi-product retail offerings including home loans, business loans, personal loans, and used car loans, among others.

However, the primary objective is to expand the budget and increase the customer base in Bharat. By focusing on this goal, the company aims to reach more customers in Bharat and provide them with financial solutions tailored to their needs.

Jairam Sridharan, Managing Director, Piramal Finance, said, “We are pleased to have a robust branch network that enables us to establish a strong presence in key markets across Bharat. Our excitement is particularly focused on serving the diverse customer base in Tier 2 and Tier 3 markets, as we possess a deep understanding of their unique credit needs. In a country as diverse as India, with its rich tapestry of demographics, the demand for simplified, efficient, and impactful lending solutions that cater to consumer financing needs is clear. With this understanding, we have placed significant confidence in Bharat and are delighted to establish branches, engage local individuals, and actively provide tailor-made offerings to cater to these local markets.

As we continue to expand our presence, our primary focus remains on deepening relationships with our existing customers and forging connections with new ones throughout the region. We have already established a strong retail loan portfolio in Tier 2 and Tier 3 markets, and we are well aware of the immense opportunities for further growth in the state. Our goal, as we expand our presence, is to build upon these existing relationships while attracting new customers across the region. Above all, we are truly excited to serve the people of Bharat and make a meaningful contribution to their financial well-being and success.

Piramal Finance is among the largest Housing Finance Companies (HFCs) in the country and offers a variety of loan products, including housing and MSME loans, to cater to the customers of Bharat in medium and small towns in India. It is rapidly expanding its footprint in Tier II and III cities of Bharat. The company’s Innovation coupled with the phygital strategy, has helped develop a multi-product retail-lending platform to enhance its ability to serve the people of Bharat.

As on 31st March 2023, the company has a network of 404 branches across 26 states of India and has over 3 million customers. It further aims to be present in 1,000 locations through 500 to 600 branches over the next five years.