India Infoline Finance (IIF), the entity backed by the UK-based CDC group has rolled out a mega hiring plan. The company plans to create 4000 new jobs in India.
With the penetration of internet and smartphone-enabled services, India has become world’s fastest expanding economy. IIF wants to bank upon this opportunity, the company aims to grow loans at the rate of 25% a year. The company has poached Sumit Bali, a top executive from Kotak Mahindra Bank to head IIF.
Sumit Bali worked as a chief executive officer (CEO) of the non-banking of Kotak Mahindra Bank before joining IIF. A senior executive from IIF said, “IIF Finance may also enter into new businesses like construction finance, two wheeler and car finance where we will use Bali’s expertise.”
Bali’s work at Kotak Mahindra helped the financial organization to expand into home loans, loan against property (LAP), business loans, personal loans and credit card domains. An IIM Ahmedabad alumnus has also donned the role of Kotak Mahindra Prime’s CEO. With Sumit Bali’s expertise, IIF plans to branch expansion spree across new verticals.
IIFL Finance wants to tap the potential of smaller towns where personal interaction is the key to gain business. The company is planning to expand when some lenders are going digital to offer loans. IIFL Finance currently has 1200 branches, the same will grow to 1800 in coming years, which will create a large number of job opportunities.
The group’s current CEO, Rajashree Nambiar left a few months ago to pursue another career. The wealth management division of IIFL Group has recently raised Rs 750 crore from investors including Amansa Capital, HDFC Standard Life, and General Atlantic.
The group’s Chairman, Nirmal Jain said, “We raise capital as and when there is the need for funds. Since inception, promoters have never sold any stake but always diluted to get funds into the company.” The company’s holdings have surged by 17% in last one year alone.