Poonawalla Finance aims to reach Rs 1,500 cr AUM this fiscal

Digital lending start-up Poonawalla Finance on Thursday said it aims to reach Rs 1,500 crore in asset under management (AUM) by the end of the current financial year. The non-banking financial company claimed to have crossed Rs 1,000-crore AUM within eight months of its inception.

"We will experience strong growth and endeavour to touch Rs 1,500 crore AUM by March 2020. We are looking to achieve organic growth by creating value propositions with innovative products and high-end technologies that would enable us to be the market leaders in this domain," Poonawalla Finance Chairman Adar Poonawalla said in a statement The company's focus is to address the credit financing gap in the MSME sector through customised small ticket loan offerings, according to the statement.

"It is a great moment for us to cross the milestone of Rs 1,000 crore in AUM in such a short period," Poonawalla said. Poonawalla Finance Executive Director and CEO C A Abhay Bhutada said that the firm will not face any kind of asset-liability mismatch while moving forward as it offers only short-tenure loans.

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