[ad_1]
MUMBAI: Private equity firm TPG has rechristened Poonawalla Housing Finance as Grihum after completing the process of acquiring 99% equity in the company. Grihum Housing Finance has set a target of doubling its business in three years.
The company’s MD & CEO, Manish Jaiswal, said that the focus would continue to be on the working class segment. In 2021, the Adar Poonawallagroup acquired Magma Fincorp and renamed the company and its housing finance subsidiary.Earlier this year, the Poonawallas struck a deal withTPG to hive off the housing finance arm for Rs 3,900 crore. “This was a segment that was earlier exploited by intermediaries. We are reaching out to them directly using digital successfully cultivating trust,” said Jaiswal. TPG has committed to a Rs 1,000-crore investment in the company post-acquisition. It has already infused Rs 538 crore, and the company’s net worth is Rs 1,800 crore.
The company’s customer base has expanded to over 75,000 and is served by a network of 195 branches for deeper outreach across geographies. The company has achieved a milestone of Rs 7,500 crore in assets under management, growing at a CAGR of 28% over the last six years. “We are confident that Grihum as a brand name will resonate with the customer base of self-made individuals. The company is strongly positioned to tap into this under-penetrated affordable housing segment that is expected to grow much faster than the overall housing finance industry,” said Puneet Bhatia, co-managing partner of TPG Capital Asia.
The company’s MD & CEO, Manish Jaiswal, said that the focus would continue to be on the working class segment. In 2021, the Adar Poonawallagroup acquired Magma Fincorp and renamed the company and its housing finance subsidiary.Earlier this year, the Poonawallas struck a deal withTPG to hive off the housing finance arm for Rs 3,900 crore. “This was a segment that was earlier exploited by intermediaries. We are reaching out to them directly using digital successfully cultivating trust,” said Jaiswal. TPG has committed to a Rs 1,000-crore investment in the company post-acquisition. It has already infused Rs 538 crore, and the company’s net worth is Rs 1,800 crore.
The company’s customer base has expanded to over 75,000 and is served by a network of 195 branches for deeper outreach across geographies. The company has achieved a milestone of Rs 7,500 crore in assets under management, growing at a CAGR of 28% over the last six years. “We are confident that Grihum as a brand name will resonate with the customer base of self-made individuals. The company is strongly positioned to tap into this under-penetrated affordable housing segment that is expected to grow much faster than the overall housing finance industry,” said Puneet Bhatia, co-managing partner of TPG Capital Asia.
#Poonawalla #owner #TPG #renames #Poonawalla #HFC #Grihum
