Venu to leverage digitisation to reach new customers and higher growth momentum
TVS Credit Services Limited, one of India’s leading NBFCs, says the Rs.480 crore equity capital from Premji Invest is for expanding its customer base in new markets, increasing the channel partner network and advancing its digitisation journey.
As part of the transaction, Premji Invest will acquire a 9.7% equity stake in TVS Credit for Rs.737 crores, via a combination of primary and secondary investment.
TVS Credit Chairman Sudarshan Venu said on 10 June 2023, “TVS Credit has demonstrated exceptional performance, achieving robust and profitable growth. Within a short span of time, our Company’s Assets Under Management (AUM) have surpassed Rs.20,000 crores, supported by a strong balance sheet.
“As we embark on the next phase of our journey, our focus will be on leveraging digitisation to reach new customers and achieve a higher growth momentum.
“With their deep understanding of the Indian consumer landscape and the financial services industry, Premji Invest will bring strategic value and expedite our growth plans,” he said.
“We are delighted to partner with TVS Credit in their journey to drive financial inclusion by providing easier access to a range of affordable and innovative financial products,” said T K Kurien, CEO and Managing Partner, Premji Invest.
“TVS Credit proposes to leverage technology and digital partnerships through an omni-channel approach to widen its customer base and to significantly reduce friction involved in traditional financing.
“We are confident that the company, given its parentage, will achieve great success and continue to build significant value for all stakeholders,” Kurien said.
The company expects its AUM to grow over Rs.50,000 crores in the next few years. With its strong foundation, digital orientation, and strategic partnerships, the company remains focused on promoting financial inclusivity, driving innovation, and delivering value to its stakeholders. Fiinews.com
