To expand its operations, Poonawalla Fincorp, under the leadership of CEO Arvind Kapil, has announced plans to double its workforce.
The company aims to double its headcount from 2,500 employees over the next three quarters.
This initiative aligns with the company’s ambitious strategy to grow its assets to ₹1.5 trillion ($17.7 billion) within the next five years.
Expansion of Workforce and Branches
To support this growth, Poonawalla Fincorp is looking to hire for a variety of roles across multiple levels.
The company aims to add six retail-focused lending businesses, including loans for gold purchases, used cars, shopkeepers, and education.
This expansion will not only increase the number of employees but also the company’s physical presence, with plans to boost its branch count from approximately 100 to nearly 400 by the next year.
This strategy is designed to tap into the growing demand for loans in smaller cities by leveraging a mix of digital offerings and physical branches.
Poonawalla Fincorp: Financial Strategy and Market Position
The company faces challenges such as increased scrutiny from the Reserve Bank of India and higher provisions for bad loans.
Despite these Poonawalla Fincorp, as an organization, remains optimistic. They are confident about its future prospects.
The company’s leadership believes that expanding into new markets will help decrease operating costs relative to assets.
CEO Arvind Kapil emphasized that having a diversified product portfolio is crucial for lowering risk and creating a solid foundation for sustained growth.
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