Poonawalla Housing Finance Limited has renamed itself as Grihum Housing Finance Limited (GHFL) on Tuesday.
MD & CEO of the Company, Manish Jaiswal, made the announcement at the brand launch showcasing the future plans of the new emerged entity.
“We go to the real India, our customers are mostly people coming from grassroot level. Our mission and purpose is to fulfill the housing need of such population, Jaiswal said.
He highlighted that two-third of the customers are self-employed. The company has registered a 4x growth in 6 years, and the distribution has more than doubled with presence in 19 states.
Its customer base rose to over 75,000, served by a network of 195 branches strategically positioned for deeper outreach across geographies.
MD & CEO said the rent and EMI gap in the housing market is narrowing and all that is needed is the access to fund, education and humility to serve.
Global private equity firm TPG acquired a 99.02% equity stake in the Company from Poonawalla Fincorp Limited earlier this year.
Talking exclusively to ETBFSI on the acquisition, Manish Jaiswal had shared his views on the third ownership change in three years. He had said the shift from promoter ownership to globally eminent Institutional Investor, validates our company’s global acceptance and paves the way for us to realize our unlimited potential.
Read Here: MD & CEO of Poonawalla Housing shares 10-fold charter for new avatar post demerger
The company said all the necessary regulatory approvals for the name change have been received.
Over the last six years, the company has achieved a significant milestone of reaching around Rs 7,500 crores in Assets Under Management (AUM), growing at a CAGR of ~28%.
Nearly 85% of the customers are women (including Applicants and Co-Applicants), which illustrates the Company’s gender-equal approach. The Company’s bolstered net worth of over Rs 1,800 crore provides it the headroom to scale up the business potential and manage leverages effectively, it said.
Speaking on the rebranding, Manish Jaiswal, said, “Grihum, a portmanteau of ‘Grih’ (home) and ‘Hum’ (togetherness), embodies our essence as a company. We are dedicated to fostering collaboration and unity in creating the cherished space of “Dream Home” for our customers, many of whom are self-made individuals and micro-entrepreneurs in the semi-urban, peri-urban and rural regions of the country.”
In July, TPG, a leading global alterative asset management firm, completed the acquisition of a 99.02% equity stake in Poonawalla Housing Finance Limited.
