Plans to expand footprints in Southern India
Intends to grow the portfolio by 25% next year
Bengaluru, 9th March 2024: Capri Global Capital Ltd, a leading non-banking financial company, achieved a remarkable 75% year-on-year (y-o-y) growth in new car loans and disbursed over Rs. 10,000 crore to around 94,000 customers. This represents approximately 2.5% of India’s total passenger vehicle market.
Last year Capri Loans focused on expanding its footprint across the length of the country and established presence at 750 locations in 28 states predominantly in the Tier III cities and Tier IV towns. The lender also increased qualified and experienced work force. In addition to operations ramp up, the NBFC also added a number of banking partners and distributors to support the increasing demand.
This has allowed the company to gain market share from urban and semi urban areas where demand for new cars was at a record new high in FY24. Going forward, the Capri Loans aim to continue the growth of the vehicle finance business by 25%. In order to do so, the company plans a multi-pronged strategy including strengthening its presence across southern states. It also plans to leverage technology to automate a part of the acquisition process through launch of an app in the very first quarter of current financial year. The app is already in the pilot phase. The lender is also willing to explore inorganic means to enter newer categories in vehicle financing.
Mr. Rajesh Sharma, Managing Director, expanded on this vision and said, “India’s new car market is experiencing an unprecedented boom, fuelled by surging demand. Notably, there’s a discernible preference for larger vehicles such as SUVs and sports models, alongside a growing interest in efficient electric variants, particularly in urban areas. The ownership of a car symbolizes independence, status, and personal fulfilment. At Capri Loans, we’re dedicated to turn car buyers’ dreams into reality by providing accessible financing options. We’ve already disbursed over Rs.10,000 crores for around 94,000 cars personal cars through our customer-centric approach, repayment plans tailored to individual financial circumstances, and ensuring convenience and ease throughout the process.
Utilizing innovative technology, we’re committed to comprehend the diverse market dynamics and deliver customized solutions that cater to each customer’s unique needs. Our goal is to build long-term relationships founded on trust and reliability. Equipped with cutting-edge technology, Capri Loans is set to revolutionize the vehicle financing landscape and elevate the customer experience. At Capri Loans, we’re not just financing cars; we’re empowering dreams and reshaping the future of vehicle financing.”
As per industry reports, passenger vehicle segment is at an all-time high. It clocked an 8.4% growth rate in FY24. Car manufacturers are expanding capacities to meet the demand raising especially from the rural markets. Customers are not only buying new cars, but they are also opting for bigger cars like SUVs and Sports models which saw a sharp increase of 28% last year.
