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Choice Finserv Pvt Ltd, the NBFC arm of Choice International Ltd, has announced the acquisition of the retail lending business of two Jaipur-headquartered lenders -- Paisabuddy Finance Pvt Ltd and Sureworth Financial Services Pvt Ltd -- under a slump sale transaction.
Choice Finserv, in a statement, said the ₹278.54 crore assets under management (AUM) of Paisabuddy Finance, an MSME lender across Rajasthan, Gujarat and Madhya Pradesh (MP), and the ₹65.38 crore AUM of Sureworth Financial Services, which specializes in MSME loans and affordable housing loans, will take its total AUM to ₹801.6 crore, including off-book AUM.
The integration will expand Choice Finserv’s branch network from 71 to 168 locations across Rajasthan, Gujarat, and Madhya Pradesh, Maharashtra, Uttar Pradesh and Delhi NCR, while growing its workforce from 536 to 1,180 employees, per the statement.
“In one fell swoop, we will be enhancing our AUM by 75 per cent and by integrating their operations with ours, we are expanding our geographical presence and solidifying our focus on bridging the credit gap for underserved communities,” said Arun Poddar, Group CEO, Choice International said.
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