MD Bharat Puri Says Fevicol-maker Pidilite to enter NBFC sector, offer small-value retail loans

Recently the news has come on the internet that Pidilite, the makers of Fevicol, Fevikwik, M-Seal, and Dr Fixit have been entering into the NBFC sector by acquiring a supporter group company Pargro Investments. Managing Director Bharat Puri stated the latest venture will not be a “big bang initiative” where Pidilite wants to be a big-scale business. Since the news came on the internet it has gone viral on many social media platforms. Now people are super keen to know about the whole information. Here we have more information about the news and we will share it with you in this article.

MD Bharat Puri

The MD stated they will supply small-value retail loans to the individuals connected to its ecosystem. ” It will stay limited to the Pidililite ecosystem and service, where it considers to have a competitive advantage,” Pidilite MD stated in a virtual round table. He stated,” We have been entertaining the NBFC sector for the Pidilite ecosystem. The Pidilite ecosystem consists of a set of considerable number of users and a large number of dealers. These users could be furniture contractors, plumbing contractors, masons, Kothi contractors, and tile layers. Swipe up the next page for more information about the news.

According to the report, Puri also stated,” We have been going to do this at arm’s length,” having no association with the main business of the company. He explained the reason behind the foray into the NBFC sector. The Pldilite added,’“We believe that this ecosystem requires small bursts of capital at certain times that we are best equipped to serve.” Puri shared the roadmap of the new arm of the firm. ” We will begin with piloting this in one geography, understanding whether our assumptions hold, and how it works for you. You are on the right page for more information about the news, so read the complete article.

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As far as we know, over the next two years, to make new business, the firm has plans to invest up to ₹100 crore in tranches, through an optimum mix of equity and obligation.”These are never going to be large loans,” stated Puri adding that it would be limited to the dealer contractor universes, therefore, not looking at large ticket items. This week, Pidilite reported a 35.76% growth in close net profit to ₹458.53 crore for the second quarter finished on September 2023. Its income from procedures was up 2.15% at ₹3,076.04 crore. Here we have shared all the information that we had. Stay tuned to us for more updates.

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Gurleen Kaur

I'm a science graduate from the Ahmadu Bello University, Nigeria. My passion for writing has brought me to into the field of content.