Billionaire Poonawalla’s Lender to Double Staff in Growth Blitz
- Lender plans to boost assets nearly six-fold to $17.7 billion
- Stock dropped on higher provisions for bad loans last quarter
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Poonawalla Fincorp Ltd. aims to double its headcount as the Indian shadow bank expands into new product lines to increase assets to 1.5 trillion rupees ($17.7 billion) in the next five years.
The non-bank finance company controlled by billionaire Adar Poonawalla, plans to add six retail-focused lending businesses in the next four to six quarters, on top of its existing portfolio, according to Chief Executive Officer Arvind Kapil.