A plan to grow business in the home appliances space is another challenge for the company. It looks to finance refrigerators and washing machines more aggressively with an aim to grow its portfolio three times this year from Rs 1,570 crore at the end of December 2016.
In the five years of its existence in India, Home Credit has financed 1.8 million mobile phones, making this 90% of its business. Financing of consumer durables accounts for just about 5% of its portfolio. Indian consumer finance market has grown 16.3% year-on-year to Rs 19,400 crore at the end of December, according to the Reserve Bank of India data.
“Our focus this year would be to test out financing options through online channels. The technology linking the Aadhaar number will be a gamechanger,” said Maco, adding that the company has started discussions with leading players in this space.