NeoGrowth now further strengthens its presence in Western India by extending activities to Pune and setting up a branch there. The Pune branch will be full service with a Direct Sales Team working along with our Referral Agents and Direct Sales Agents. The branch will also have Underwriting, Customer Service and Portfolio Management teams. Speaking on the occasion, Mr. Piyush Khaitan, Managing Director of NeoGrowth Credit Pvt. Ltd. said, “With the opening of our Pune branch, NeoGrowth will harvest the business potential of the city. Several businesses we deal with in Mumbai have a set-up in Pune as well, and a branch of NeoGrowth in Pune has been a long standing demand of our best customers. We intend to leverage these relationships as well.”
Pune is the seventh most populous city in India and is considered the cultural capital of Maharashtra. It is also one of the fastest growing cities in the Asia-Pacific region and NeoGrowth will enable small businesses to access growth capital in a speedy and convenient way here. Pune is well recognized as an educational center with a young and vibrant workforce. This has led to significant growth in IT, BPO and Modern Retail in the city, and hence a huge growth in personal consumption expenditure. Consumer spend growth in the city is at among the fastest in the country.
NeoGrowth has created a niche in the small business lending space targeting small and medium sized retailers, restaurants, beauty salons and also e-commerce sellers. The loan product is very different from a typical bank loan. We have done away with the burden of a fixed EMI, and more importantly done away the necessity of the merchant to visit the lender’s location at any stage. Time is money for today’s business and therein lies our unique value that makes great sense in today’s environment.
NeoGrowth has its head office at Mumbai and has already established full service branches in Mumbai, Bengaluru and Delhi. We also have plans to further reach out to other major cities within the financial year 2015-16.