Poonawalla Fincorp Plans Workforce Expansion

Poonawalla Fincorp Ltd. is set to double its workforce from 2,500 to 5,000 employees as part of its ambitious expansion strategy aimed at increasing its assets to ₹1.5 trillion ($17.7 billion) over the next five years. Under CEO Arvind Kapil, the company plans to introduce six new retail-focused lending products, including loans for gold, used cars, and education, while significantly boosting its branch network from 100 to 500 locations. This growth initiative comes amidst rising operational costs and increased scrutiny from the Reserve Bank of India on shadow banks. To better serve underserved markets, Poonawalla Fincorp will leverage both digital platforms and a physical presence, targeting salaried employees at major Indian firms. Despite recent challenges with credit growth and increased provisions for bad loans, the firm is optimistic about reducing operating expenses by the end of the fiscal year. Kapil emphasizes the importance of a diverse product range to mitigate risks and establish a solid market presence.