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The primary capital will be utilised to further strengthen TVS Credit’s efforts in expanding its customer base in new markets, increasing the channel partner network, and advancing its digitisation journey. With this infusion of capital, the Company aims to accelerate its mission of fulfilling the aspirations of a growing India by providing convenient financing options.
“We are delighted to partner with TVS Credit in their journey to drive financial inclusion by providing easier access to a range of affordable and innovative financial products. TVS Credit proposes to leverage technology and digital partnerships through an omni-channel approach to widen its customer base and to significantly reduce friction involved in traditional financing. We are confident that the company, given its parentage, will achieve great success and continue to build significant value for all stakeholders,” said TK Kurien, chief executive officer and Managing Partner, Premji Invest.
TVS Credit has a strong customer base of over 10 million, who are served through a vast network of over 40,000 touchpoints across the country. In FY23, the Company reported an AUM of Rs. 20,602 crore representing a growth of 48 per cent from the previous year. The Company expects its AUM to grow over Rs 50,000 crore in the next few years. Nomura Financial Advisory and JM Financial acted as financial advisors and Khaitan and Co. acted as legal advisor on the transaction.
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