Religare to set up retail stores in personal finance space
Co to invest over Rs 100 crore over the next 10-12 months to set up 200 Finmart stores. The first store is slated to be launched next week in the Capital.
By Aman Dhall, ET Bureau |
NEW DELHI: After a well-planned exit from Ranbaxy Laboratories, Malvinder and Shivender Singh are on a fast track. And if activities in the financial services space are any indication, Religare Enterprises tops their agenda list.
According to industry sources, the integrated financial services firm is now planning to set up multi-product, multi-brand retail stores in the personal finance space. The new retail initiative, under the brand name Finmart, will serve as a one-stop destination for personal finance needs of an individual.
Sources disclosed that the company will invest more than Rs 100 crore over the next 10-12 months to set up 200 such stores across the length and breadth of the country. ���Religare wants to go a step beyond its competitors.
According to industry sources, the integrated financial services firm is now planning to set up multi-product, multi-brand retail stores in the personal finance space. The new retail initiative, under the brand name Finmart, will serve as a one-stop destination for personal finance needs of an individual.
Sources disclosed that the company will invest more than Rs 100 crore over the next 10-12 months to set up 200 such stores across the length and breadth of the country. ���Religare wants to go a step beyond its competitors.
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The company through this business model is not only looking to increase its market share in the personal finance services but also reinforce its positive brand values in the market. The retail stores will range from a size of 285 sqft to 400 sqft,��� said sources.
When ET contacted Religare, the official spokesperson declined to comment on the developments. ���We���ve some plans firmed up, but it���s too early to divulge any details,��� said the spokesperson.
The first store is slated to be launched next week in the Capital. The Rs 3,000-crore company intends to focus the brand beyond the tier I cities, where it believes lies the future of this industry. Already, cities such as Haldia, Bhagalpur, Salem and Guntur have been identified as the next destination.
The brand, said sources, will revolve around three core pillars of personal finance���investments, insurance and loans. Under these three broad categories, there will be products ranging from mutual funds, insurance solutions, personal loans, auto loans, loans against shares, deposits and bonds.
Sources further revealed that the company will spend a significant amount of funds on the brand promotion of its new retail initiative.
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���The management team has been already put in place. Around 1,000 people have been hired for the junior and middle-level positions. The latest initiative has been a well-planned one, and the company has been constantly scaling up its manpower for the past one year,��� said sources.The move assumes significance as it comes close on the heels of talks about Religare planning a foray into the banking space and eyeing a possible another acquisition in UK.
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