Bajaj Finserv aims to expand its market share and reach every Indian household within the next decade, leveraging India's economic growth and digital public infrastructure
Mumbai: Seemingly unfazed by the aggressive competition in the landscape, largest private sector non-bank lender Bajaj Finserv is looking to gradually increase its market share and serve every Indian in the next decade, a top company official has said.
Speaking on the occasion of the diversified Bajaj group's centenary celebrations, Sanjiv Bajaj, the company's Chairman and Managing Director, said inherent strengths in the ecosystem, including high economic growth and the digital public infrastructure (DPI) platform will make such goals possible.
He, however, did not answer a specific question on whether the company, which carries out lending activities through its subsidiary Bajaj Finance, wishes to turn into a universal bank, pointing out that it has helped the cause of financial inclusion and also grown profitably in the last few years.
At a time when many well capitalised players are eyeing to grow in the same segment that has helped it to become a formidable player in the financial services space, Bajaj seemed unfazed and pointed to three pillars of looking at competitive landscape.
These include the growth in economy which will enlarge the pie and offer every entity a chance at growth, laziness which sets in because of the lack of competition and also the DPI that helps it make products and services.
"As long as our teams continue innovating, continue transforming, we will stay a step ahead of competition," Bajaj told PTI.
If he is confident of holding on to market share, Bajaj said, "Maintaining is no fun. We must increase (market share) gradually, systematically, thoughtfully, in a rational way."
Over the next decade, the company will focus on both building businesses and doing societal good as per the focus of its founders, Bajaj said, stressing that the two work together.
"Today, I believe that we cater to the needs of one in three households of India. Our goal in the next 10 years is to be present in every household," Bajaj said.
If the value systems are a handicap or a virtue in current times, Bajaj said any compromise on value systems is a non-negotiable for the company.
Speaking about the work on financial inclusion, Bajaj said it got 25 million Indians into the formal financial system in the last five years, and added that these many of Indians have built credit history and have moved out of alternative sources of finance like moneylenders.
Bajaj acknowledged that there are some challenges hovering around from a near-term perspective due to the geopolitical tensions in West Asia, and added that its impact on inflation and consumption will have to be seen over the next two quarters.
However, over a long term, the Indian economy offers exciting opportunities with a growth of up to 8 per cent per annum, he said, adding that financial services space typically grows at 2-2.5 times of the real GDP growth.
The company is gearing up to launch its private equity and real estate funds later this year, where it will raise money from wealthy limited partners for deployment, Bajaj said.
Speaking on the occasion of the diversified Bajaj group's centenary celebrations, Sanjiv Bajaj, the company's Chairman and Managing Director, said inherent strengths in the ecosystem, including high economic growth and the digital public infrastructure (DPI) platform will make such goals possible.
He, however, did not answer a specific question on whether the company, which carries out lending activities through its subsidiary Bajaj Finance, wishes to turn into a universal bank, pointing out that it has helped the cause of financial inclusion and also grown profitably in the last few years.
At a time when many well capitalised players are eyeing to grow in the same segment that has helped it to become a formidable player in the financial services space, Bajaj seemed unfazed and pointed to three pillars of looking at competitive landscape.
These include the growth in economy which will enlarge the pie and offer every entity a chance at growth, laziness which sets in because of the lack of competition and also the DPI that helps it make products and services.
"As long as our teams continue innovating, continue transforming, we will stay a step ahead of competition," Bajaj told PTI.
If he is confident of holding on to market share, Bajaj said, "Maintaining is no fun. We must increase (market share) gradually, systematically, thoughtfully, in a rational way."
Over the next decade, the company will focus on both building businesses and doing societal good as per the focus of its founders, Bajaj said, stressing that the two work together.
"Today, I believe that we cater to the needs of one in three households of India. Our goal in the next 10 years is to be present in every household," Bajaj said.
If the value systems are a handicap or a virtue in current times, Bajaj said any compromise on value systems is a non-negotiable for the company.
Speaking about the work on financial inclusion, Bajaj said it got 25 million Indians into the formal financial system in the last five years, and added that these many of Indians have built credit history and have moved out of alternative sources of finance like moneylenders.
Bajaj acknowledged that there are some challenges hovering around from a near-term perspective due to the geopolitical tensions in West Asia, and added that its impact on inflation and consumption will have to be seen over the next two quarters.
However, over a long term, the Indian economy offers exciting opportunities with a growth of up to 8 per cent per annum, he said, adding that financial services space typically grows at 2-2.5 times of the real GDP growth.
The company is gearing up to launch its private equity and real estate funds later this year, where it will raise money from wealthy limited partners for deployment, Bajaj said.
