The Rise and Expansion of Goenka Business & Finance Ltd in the Indian Market
In recent years, Goenka Business & Finance Ltd has emerged as one of the fastest-growing financial institutions in India. From a humble beginning in the early 1990s, the company has now established its presence in over 100 cities in India through its various subsidiaries. In this article, we will delve into the rise and expansion of Goenka Business & Finance Ltd in the Indian market, looking at the factors that have contributed to its success.
Background
Goenka Business & Finance Ltd was founded in 1991 by Shri Ravi Goenka, an experienced banker with a vision of providing accessible financial services to all sections of society. Initially, the company started as a non-banking financial company (NBFC), offering services such as vehicle loans, personal loans, and business loans. However, over the years, the company has diversified its portfolio, venturing into areas such as insurance, wealth management, and investment banking.
Growth Through Acquisition
One of the factors that have contributed to the growth of Goenka Business & Finance Ltd is its strategy of expansion through acquisition. The company has been acquiring and consolidating various NBFCs and banks, thereby integrating their customer base and strengthening its presence in specific regions. For instance, in 2015, the company acquired a majority stake in Essel Finance Business Loans Ltd, which helped it expand its business loan segment.
Digital Transformation
Another factor that has contributed to the success of Goenka Business & Finance Ltd is its focus on digital transformation. The company has been investing heavily in technology, with the aim of providing seamless and personalized services to its customers. It has launched a mobile app, Goenka Loan, which allows customers to apply for loans and track their application status in real-time. It has also introduced a credit monitoring tool, Credit360, which provides customers with a comprehensive view of their credit score and history.
Diversification
Goenka Business & Finance Ltd has diversified its services, offering a range of products and services that cater to different segments of society. For instance, it has a separate vertical for affordable housing finance, which provides loans to customers from low-income groups. It has also launched a platform for angel investing, which connects startups with investors who are looking for innovative ideas.
Conclusion
In conclusion, Goenka Business & Finance Ltd has emerged as a leader in the Indian financial market through a combination of strategic acquisitions, digital transformation, and diversification. Its commitment to customer-centricity and innovation has helped it establish a strong brand presence in India. As the company looks to expand its footprint further, it will be interesting to see how it navigates the regulatory challenges and competition in the market.
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