Godrej Capital is the financial services arm of the Godrej Group and aims to build a balance sheet of Rs 30,000 crore and expects the business to require a total of Rs 5,000 crore of equity investment by 2026.

GCL will soon be operational in six new cities and currently has its footprints across Mumbai, Bengaluru, Delhi NCR, Ahmedabad, and Pune.

The company will continue to maintain focus on the growth of secured loans consisting of home loans and Loans Against Property (LAP). Additionally, the business aims to grow its team by 50% to approximately 500 people in this financial year, to fulfil business and geographic aspirations.

Commenting on the development, Pirojsha Godrej, chairman, Godrej Capital, said, “Godrej Capital will form a key pillar in the overall growth of the Godrej Group. We started with home loans in select geographies in 2020. Having seen strong customer acceptance of our offering, we are very optimistic about the prospects of our financial services venture and will be entering new markets and enhancing our reach across key target sectors and consumer segments”.

Manish Shah, MD & CEO, Godrej Capital, said, “We have successfully implemented a digital-first approach at Godrej Housing Finance through innovative products such as design Your EMI and end-to-end contactless solutions delivered digitally. This has inspired us to grow our footprint and to broaden our service offerings to different customer segments through affordable housing loans and unsecured loans. We envision Godrej Capital becoming a new age, leading retail financial services institution in the years ahead.”

Godrej Industries is engaged in the businesses of manufacture and marketing of oleo-chemicals, their precursors and derivatives, bulk edible oils, estate management and investment activities.

The company reported 7.1% increase in the consolidated net profit to Rs 182.78 crore on 49.1% increase in net sales to Rs 3514.61 crore in Q3 FY22 over Q3 FY21.

Shares of Godrej were trading 0.63% higher at Rs 491 on BSE.