Mahindra Fin to separate fintech biz

Chennai: Mahindra & Mahindra Financial Services plans to carve out a special business unit for its fintech vertical, which will be run like a “separate independent company”, said MD Ramesh Iyer. The company will allot Rs 250-300 crore to this entity.

To be called Digital Finco, it will focus on small-ticket loans, particularly in the two-wheeler space. Currently, Mahindra Finance does not have a presence in two-wheeler financing. Mahindra Finance is also exploring possibilities regarding a banking licence.