Industry | Financial services |
---|---|
Founded | 1991 |
Headquarters | , |
Key people | Abhimanyu Munjal, CEO, Ajay Sahasrabuddhe, COO- Retail Finance, Sajin Mangalathu, Head of Technology and Operations |
Products | Two Wheeler Loans Loan Against Property SME & Commercial Loans |
Revenue | 12.7 crore (2016-17) |
Rating | AA+ / Stable |
Website | Hero Fincorp |
Hero FinCorp, an associate company of Hero MotoCorp, is an Indian Non-banking financial company (NBFC). The company is currently engaged in consumer finance businesses and commercial lending. Consumer Finance includes financing Hero MotoCorp Two Wheeler, Loyalty Customer Loans (top up loans for existing customers) and providing Loans against property. On the commercial lending side it provides Indian corporates with a wide portfolio of financing products which include working capital loans, machine loans among others. It is a captive finance company of Hero MotoCorp Ltd.
The company was launched in 1992 as Hero Honda Finlease Ltd by extending working capital loans and medium-term finance to component suppliers and dealers of parent firm Hero MotoCorp, then called Hero Honda Motors Ltd. [1]
In 2011, as Hero Honda Motors was restructured, the company was renamed Hero FinCorp and acquired its present form. By April 2013, the company began giving two-wheelers loans to customers. In 2014, it ventured into loans against property, loans for small and medium enterprises and commercial loans. [2]
Hero FinCorp provides financing for purchase of Hero MotoCorp two wheelers. The firm claims to have over 350,000 active two-wheeler customer loans in June 2015. [2] It plans to be present in over 730 Hero MotoCorp dealerships by end of March 2016.
Hero FinCorp provides financing options for its existing customers who have availed loans to purchase two-wheelers from Hero MotoCorp. Customers with good track record of repayment are offered a Top-up Loan, called Loyalty Personal Loan (LPL). Fulfillment through the diverse dealership network of Hero MotoCorp combined with a wide front office network is enabled.
The company has recently started financing of used cars for both salaried and self-employed individuals. The company offers customizable tenures and payment options.
The company provides loans against property to corporates, partnership firms and self-employed individuals for up to 15 years with customizable interest rates.[ citation needed ]
In early 2020, the company had launched SimplyCash and entered the instant cash loan segment. [4] Millennials across 90 cities in India could download the app and avail instant cash loan as per their need. [5] [6] [7] [8]
Hero FinCorp recorded a turnover of Rs.298.62 [2] crore in 2014–15.
The company has been rated as AA+ / stable by rating agencies such as CRISIL [9] and ICRA. [10]
External Funds Raised:
In September 2016, Hero FinCorp announced that they have raised about INR 1002 crore from internal as well as external sources.
Around INR 702 was raised from ChrysCapital, a private equity firm, and Credit Suisse, a Swiss financial services firm. The remaining INR 300 Crore, was raised from the Hero Group. [11]
ChrysCapital will take an 11% stake in Hero FinCorp while Credit Suisse will hold around 2.5%. This transaction had valued the company around INR 5,200 crore.
The funds will be deployed to help the company achieve its growth strategy over the next 12 to 18 months. The strategy entails entering new product segments, such as home loans and used two-wheeler loans and by further augmenting existing businesses, with special focus on used car finance, consumer durable and SME lending. [12]
Hero FinCorp has achieved Rs.6,400 crore loan book by March 16.
Housing Development Finance Corporation was an Indian private sector mortgage lender based in Mumbai. It was the biggest housing finance company in India. It also had a presence in banking, life and general insurance, asset management, venture capital and deposits through its associate and subsidiary companies.
Reliance Capital Limited is an Indian diversified financial services holding company promoted by Reliance Anil Dhirubhai Ambani Group. Reliance Capital, a constituent of Nifty Midcap 50 and MSCI Global Small Cap Index, is a part of the Reliance Group. It is amongst India's leading and most valuable financial services companies in the private sector. As on 31 March 2017, the net worth of the company stood at ₹16,548 crore, while its total assets as on the date stood at ₹82,209 crore. In Fortune India 500 list of 2018, Reliance Capital was ranked as the 77th largest corporation in India with 5th rank in 'Non-Banking Finance' category.
Hero MotoCorp Limited is an Indian multinational motorcycle and scooter manufacturer headquartered in Delhi. It is one of the world's largest two-wheeler manufacturer and has a market share of about 46% in the Indian two-wheeler industry. As of 27 May 2021, the market capitalization of the company was ₹59,600 crore.
HDFC Bank Limited is an Indian banking and financial services company, headquartered in Mumbai. It is India's largest private sector bank by assets and the world's tenth-largest bank by market capitalization as of May 2024.
The Muthoot Group is an Indian multinational conglomerate headquartered in Kochi, Kerala. It has interests in financial services, information technology, media, healthcare, education, power generation, infrastructure, plantations, precious metal, restaurant, and hospitality. Muthoot Group operates in 29 states in India, and has presence in Nepal, Sri Lanka, US, UK and UAE. The group manages assets of over $4.5 billion. It is owned and managed by the Muthoot family.
Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 of India, engaged in the business of loans and advances, acquisition of shares, stock, bonds, hire-purchase insurance business or chit-fund business, but does not include any institution whose principal business is that of agriculture, industrial activity, purchase or sale of any goods or providing any services and sale/purchase/construction of immovable property.
Yes Bank is an Indian private sector bank, headquartered in Mumbai, catering to retail customers, MSMEs, and corporate clients. The bank was founded by Rana Kapoor and Ashok Kapur in 2003. Its network is spread across 300 districts in India and comprises 1,198 branches, 193 BCBOs and 1,287+ ATMs.
Rockman Industries, formerly Rockman Cycles limited, is an Indian auto components manufacturer, based in New Delhi, India. The company is one of India's largest auto component manufacturers. Rockman Industries is primarily engaged in the manufacturing of aluminum die casting components, machined and painted assemblies, auto chains and parts. In January 2017, Rockman Industries entered the carbon composites sector with the acquisition of Moldex Composites, a UK-India carbon composite design and manufacturing company. Rockman was founded in 1960 and is led by Suman Kant Munjal, Chairman and Ujjwal Munjal, Managing Director.
WeLab Limited is a Hong Kong financial technology company offering a range of services, such as online consumer credit platforms and virtual banking. It was founded in January 2013 by Simon Loong, Kelly Wong and Frances Kang and is best known for being the parent company of WeLab Bank, one of the first virtual banks to be granted a license to operate in Hong Kong.
Bajaj Finance Limited (BFL) is a deposit-taking Indian non-banking financial company headquartered in Pune. It has a customer base of 88.11 million and holds assets under management worth ₹354,192 crore (US$42 billion), as of June 2024.
AU Small Finance Bank Limited is an Indian scheduled commercial small finance bank and India’s largest tech-led small finance bank, based in Jaipur. It was founded as vehicle finance company and NBFC, AU Financiers (India) Ltd in 1996 and converted into a full-fledged small finance bank on 19 April 2017.
Piramal Capital and Housing Finance Limited is a non-deposit taking housing finance company, headquartered in Mumbai with branches in major cities across India. DHFL was established to enable access to economical housing finance to the lower and middle income groups in semi-urban and rural parts of India. DHFL is the second housing finance company to be established in the country. The company also leases commercial and residential premises. DHFL is among the 50 biggest financial companies in India.
IIFL Wealth Management Ltd. is an Indian wealth management firm, headquartered in Mumbai, India. The company has a presence in 7 countries and 23 locations in India. It offers wealth management, asset management, portfolio management services, investment products, treasury services, estate planning and lending among others. The company has been rated as A1+ by rating agencies such as CRISIL and ICRA.
IDFC First Bank is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, which was an Indian non-bank financial institution.
Navi is an Indian financial services company founded by Sachin Bansal and Ankit Agarwal in 2018. Navi operates in the space of digital Loans, home loans, mutual funds, health insurance, digital gold and UPI.
Dhani is an Indian software company. Its app provides digital financial and healthcare services.
Home First Finance Company India Limited is an Indian housing finance company in the affordable housing segment based in Mumbai and founded in 2010. It provides home loans, mortgage loans and home construction loans. Its equity shares are listed on Bombay Stock Exchange and National Stock Exchange.
CreditAccess Grameen Limited is an Indian microfinance institution, headquartered in Bengaluru, which serves customers predominantly in rural areas. The company is engaged in providing microfinance services to women from low-income households who are enrolled as members and organized in Joint Liability Groups.
CreditWise Capital is an Indian consumer finance registered NBFC which provides technology-driven loans to customers focusing to purchase two-wheelers. It is headquartered in Mumbai, Maharashtra, India.
Revfin is an EV financing platform & non-bank financial institution founded in 2018 in India and headquartered in New Delhi. The company operates in 24 states in India and focuses on lending EV loans primarily to people with little or no credit history. Revfin is one of the partners of the Shoonya initiative by NITI Aayog. The company has also joined the PM Solar2EV Initiative launched by the Ministry of Social Justice & Empowerment & Government of Maharashtra. this partnership aims to provide digital lending services and promote financial inclusion. The company's participation in the PM Solar2EV Initiative is expected to expedite its target of financing 2 million electric vehicles nationwide by 2029. As of 2024 the company has served over 50,000 customers & disbursed INR 1000 Crores worth of loans.