Monday, July 13, 2020

Poonawalla Finance Crosses INR 1000 Crore AUM
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Date: 12-12-2019 3:45PM
Source: Poonawalla Finance Private Limited
Category: Business/ Finance, Financial Analyst & Investors, General, Consumer Interest, Internet, Banking & Financial Services, Business Services
Location: Pune, Maharashtra, India

Business Wire India
Poonawalla Finance Private Limited, one of the fastest-growing Non-Banking Finance Company, headquartered in Pune, has achieved a major milestone by crossing INR 1000 Crore AUM in November 2019; within 8 months from its inception. Known for its versatility in terms of financial products for the retail segment and technology-driven lending solutions, the systemically important NBFC, has distinguished itself by introducing an easier approachability to serve the financial needs of the under-served segment. Poonawalla Finance is a part of the Cyrus Poonawalla Group having a net worth of USD 8.4 billion.

The USP of Poonawalla Finance lies in its unconventional approach towards quicker and hassle-free lending with Minimum Documentation, Easy Application Process, Attractive Rate of Interest and ZERO Pre-Payment Charges. Being in the NBFC space with its equity and cash-rich group, Poonawalla Finance offers significantly lesser rates of interest as compared to other NBFCs.

Poonawalla Finance’s primary focus is to develop and invest in its technology that supports its digital lending platform and capabilities. With a mix of data analytics, data science, Artificial Intelligence, and Machine Learning, Poonawalla Finance is well on its way to develop a holistic and robust lending ecosystem, to evaluate customers’ creditworthiness, ensure quick credit decisions, and loan disbursement within the shortest turnaround time, within a few hours in some cases.

The VISION of Poonawalla Finance is to become one of the most “Trusted and Preferred Digital Lending NBFC” in India with a leadership position in small ticket size loans under Business Loan, Personal Loan, Professional Loan, and Consumer Durable Loan segment. Poonawalla Finance follows a customer-centric and relationship-based business model to remain on the growth path that helps to create more services for the customers in the small ticket lending space and is proud to claim that it offers the lowest rate of interest with zero prepayment charges in the NBFC sector.

On this remarkable achievement, Mr. Adar Poonawalla, Chairman of Poonawalla Finance said, “It is a great moment for us to cross the milestone of INR 1000 Crore in AUM in such a short period. We will experience strong growth and endeavor to touch INR 1500 Crore AUM by March 2020. India has just stepped into a new era of growth and efficiency as digitization continues to permeate within people's day-to-day lifestyles. We are looking to achieve organic growth by creating value propositions with innovative products and high-end technologies that would enable us to be the market leaders in this domain. Our roots guide us to be sustainably sensitive with a lot of attention paid on governance and that helps us in growing deeply while rooted in awareness.”

CA Abhay Bhutada, Executive Director and CEO of Poonawalla Finance added “Poonawalla Finance is leaving no stone unturned to serve the 'under-served' borrowers in India. In this financial year, our primary focus will be on co-lending by synergizing our experience in small ticket lending with a large capital base to collaborate with more like-minded NBFCs with deeper sectoral expertise. Since we offer only short tenure loans, we will not face any kind of asset-liability mismatch while moving forward. Our current focus is on building key leadership teams, customer acquisition strategies, collection infrastructure, and risk management.

The lack of organized credit to MSMEs is a major issue in the Indian financial market today as it limits the growth of entrepreneurship in India. Poonawalla Finance aims to address the massive credit financing gap in the MSME sector through its customized small ticket loan offerings to MSMEs for their expansion and working capital requirements. The enterprise plans to diversify into a plethora of products such as co-branded credit cards, consumer durable loans, equipment financing and loan against the property; serving all the financial needs under one umbrella.”
About Poonawalla Finance:

Poonawalla Finance is a digital lending Non-Banking Finance Company (NBFC) registered with the RBI as a non-deposit taking systemically important NBFC, headquartered in Pune and founded by Mr. ADAR POONAWALLA, promoter of the multi-billion dollar Cyrus Poonawalla Group.

The company embarking upon its lending operations in April 2019 is revolutionizing Digital Lending with a major focus on the retail segment with a wide range of customized small ticket size products under Personal Loan, Unsecured Business Loan, and Professional Loan category. The products range between INR 1 lakh to INR 30 lakh with an average loan size of around INR 10 lakh and with a presence in 5 States, viz., Maharashtra, Karnataka, Gujarat, Madhya Pradesh, and Telangana.

Poonawalla Finance follows stringent credit risk process to evaluate 1000+ parameters from more than 30 data sources involving pre-approval scrutiny and utilizes non-traditional sources of information such as customer profiling, cash-flows, GST analysis, business model, social check, personal discussions with promoter, etc. for credit underwriting instead of relying on security.

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