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In our vehicle financing vertical, we primarily have a secured, granular and retail loan portfolio for financing used and new commercial vehicles (excluding medium and heavy commercial vehicles) (“CVs (excluding M&HCVs)”), cars and tractors as well as new two-wheelers. According to the CRISIL Report, among the peers considered, for the nine months ended December 31, 2023, our Company had the highest used vehicle finance share of 77.41% as part of our vehicle financing portfolio. In addition, we have identified specific businesses in the MSME sector to which we offer loans.
We started the MSME lending business in late 2016, where we primarily lend for the purpose of working capital requirements of these businesses. These loans are fully backed by assets and are offered, primarily for income generation purposes, to the mid to low-income category of customers that are predominantly self-employed, unbanked or underbanked individuals in the rural and semi-urban areas of India with limited access to organized lending channels.
According to the CRISIL Report, the overall vehicle financing segment in India stood at approximately ₹ 11.85 trillion as of Fiscal 2023, witnessing a CAGR of around 11.07% from Fiscal 2019 and going forward, the outstanding credit is expected to grow at a CAGR of 16-18% from Fiscal 2023 to Fiscal 2027 to reach approximately ₹ 21 trillion. According to the CRISIL Report, NBFCs accounted for the highest share of 39.97% in vehicle finance credit outstanding in Fiscal 2023. Our presence in the vehicle financing market for over 25 years, our product offerings, and our extensive distribution network, position us to capture the growth in this market.
We have an extensive distribution network in rural areas, through which we aim to provide last-mile coverage and financial support to unbanked customers. According to the CRISIL Report, rural areas, which accounted for 47% of GDP, received just 8% of the overall banking credit as of March 31, 2023, which shows the vast market opportunity for banks and NBFCs to lend in these areas. As of December 31, 2023, we have a distribution network of 535 branches in 11 states and one union territory. Out of 535 branches, we provide secured business loans to the MSME sector through 322 branches in eight states and one union territory, as of December 31, 2023, and we plan to gradually provide MSME financing from our existing untapped branch network.
We source our customers through two channels for our vehicle financing vertical – direct channel, i.e., through our on-ground sales teams, and the indirect channel of a well-diversified base of direct sales agents (“DSAs”). As of December 31, 2023, out of 10,725 employees, 6,202 employees and 1,607 employees were part of our sales and collection team, respectively for our direct channel. Further, we had 8,853 DSAs in our network as of December 31, 2023. 100.00% of sourcing for our MSME financing vertical is done through our direct channel i.e., our on-ground sales team.
Note: The actual amount will be debited when the shares are allotted to you.
Note: The actual amount will be debited when the shares are allotted to you.
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Once you are a shareholder, you are eligible to receive dividends from the company proportional to the shares you own. You can also sell your stocks for profit on the stock exchange.
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