Daijiworld Media Network - Mumbai

Mumbai, Oct 23: Non-banking financial company (NBFC) Purple Finance plans to enter the affordable housing finance segment, targeting rural and mass-market borrowers.

The company said its Board of Directors has approved the proposal. To establish its presence in the sector, Purple Finance will explore options, including acquiring or investing in an existing housing finance company (HFC) or setting up a subsidiary, subject to regulatory approvals.

Following its recent acquisition of Saksham Gram Credit Pvt Ltd, the group’s combined assets under management (AUM) reached Rs 853 crore, with a network of 205 branches serving more than 1.6 lakh borrowers.

Purple Finance executive chairman Amitabh Chaturvedi said affordable housing finance offered an opportunity to strengthen relationships with customers in Tier III and Tier IV markets while supporting their aspirations for home ownership.

Alongside its planned entry into housing finance, the company’s board has also approved the launch of two shorter-tenor products for micro, small and medium enterprises (MSMEs), namely Purpal Saral and Saksham LAP.