Piramal Finance Chairman Anand Piramal said that the company is set to become the largest affordable housing NBFC in the country. While speaking at the listing ceremony of the company, he explained how houses are the single most important investment for families across all rungs of society.
"I am so proud today that we have five million customers which we have crossed this quarter. And 2.6 million out of this are for life-changing loans – loans either for a house, or for a business that changed the trajectory of people's lives," he said.
'Profit is the oxygen for growth'
Speaking at the listing ceremony, the Chairman of Piramal Finance said the group's vision is simple – doing well, and doing good. "Profit is the oxygen for growth. Just like a human being requires oxygen, a company requires profit to survive. But just like the purpose of a human being is not just to inhale oxygen but to make a difference, similarly the purpose of a business is not just to make money but to do something bigger," he added.
Piramal said that 80 million Indians today have small businesses, and only 10-15 percent of them have access to modern finance. He added that when his father set up his business, he didn’t have access to equity like him. But thanks to loans, he could build his business, a life and a family.
Anand Piramal recalls customer experiences:
Anand Piramal recalled some experiences he had while visiting a few branches of the company. While visiting a branch on the outskirts of Bengaluru, he met a saree shop owner who wanted to pledge his house to receive a loan to expand his business. As his house was between municipal limits, banks had denied credit to him.
"Thanks to all the advanced analytics, underwriting we did, we were able to disburse a loan to him. He then ran a very successful business. He came to me and said, 'You know because of my credit track record, many banks are coming. But you supported me in a very critical time of my life'," he said.
He also recalled how a Lenskart employee in Jaipur thanked him for a loan he took to save his mother who needed urgent medical attention.
Anand Piramal thanked his parents, his mother-in-law Nita Ambani, wife Isha Ambani and the rest of his family, along with the leadership of the company. "In the last five-six years, we have built a business with 16,000 employees, 520 branches, Rs 75,000 crore in terms of loan disbursements and it has been the fastest-growing large retail NBFC in the country," he said.
Piramal Finance listing:
The shares of Piramal Finance listed at Rs 1,260 apiece on NSE on November 7 after its merger with Piramal Enterprises. The IPO-less market debut marks a 12 percent premium over the discovered price of Rs 1,124.20 apiece.
Piramal Enterprises shares had ceased trading on stock exchanges since September 23. Piramal Finance was earlier a wholly-owned subsidiary of Piramal Enterprises.
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