MUMBAI: Private capital company TPG renamed Poonawalla Housing Financing as Grihum after completing the process of acquiring 99% of the company's capital. Grihum Housing Finance has set a target of doubling its business in three years.
The company's MD and CEO Manish Jaiswal said the focus would continue to be on the working class segment. In 2021, Adar in Poonawathe group acquired Magma Fincorp and renamed the company and its housing finance subsidiary. Earlier this year, the Poonawallas struck a deal with TPG to spin off the housing finance arm for Rs 3,900 crore. “This was a segment that was previously explored by intermediaries. We are reaching out to them directly using digital, successfully cultivating trust,” said Jaiswal. TPG has committed to an investment of Rs 1,000 crore in the company post-acquisition. It has already infused Rs 538 crore and the company's net worth is Rs 1,800 crore.
The company's customer base has expanded to over 75,000 and is served by a network of 195 branches for deeper reach across geographies. The company has reached a milestone of Rs 7,500 crore in assets under management, growing at a CAGR of 28% over the last six years. “We are confident that Grihum as a brand will resonate with the customer base of self-made individuals. The company is strongly positioned to tap into this under-penetrated affordable housing segment, which is expected to grow much faster than the overall housing finance sector.” said Puneet Bhatia, managing partner at TPG Capital Asia.



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