Sundaram Home Finance continues to expand outside the southern market. After its recent expansion in Western India, it is now looking to expand to northwestern India.
The Chennai-headquartered company has opened a new branch in Kota, in Rajasthan, and plans to open another in Udaipur in the coming months, according to a statement.
Rajasthan is a vibrant market with a high degree of credit culture and is growing rapidly with urbanisation and economic prosperity, said D Lakshminarayanan, MD, Sundaram Home Finance.
In Rajasthan, the company has branches in Jaipur, Ajmer, and Jodhpur in Rajasthan, and it believes there is potential to register disbursements of about ₹300 crore over the next 2-3 years.
Lakshminarayanan said that over the last couple of years, Sundaram Home has strengthened its presence in South India, expanding into Tier 2 and 3 towns. While it will continue to penetrate remote towns in this market, the company is also exploring opportunities to expand further in select geographies outside the South market.
“Our foray into Navi Mumbai in February was a step in that direction. The current expansion in Rajasthan combined with our plans to target the Western India market will go towards gradually expanding our footprint outside South India,” he added.
Overall, the company has over 140 branches in the Southern region and Madhya Pradesh, Rajasthan, Maharashtra, and Gujarat.