BackIDFC Bank’s Bhavesh Gupta appointed Clix Capital CEO
Clix Capital came into being after Pramod Bhasin acquired GE Capital India with the backing of AION Capital Partners in September
Premium
Mumbai: Bhavesh Gupta, a former top executive at IDFC Bank Ltd, has joined Clix Capital Ltd (formerly GE Capital India) as chief executive, according to the company’s management.
Pramod Bhasin, founder of business process management firm Genpact Ltd and former CEO of GE Capital India and Asia, and Anil Chawla, a former head of GE Capital’s commercial business, acquired the commercial lending and leasing business of GE Capital in India with the backing of AION Capital Partners Ltd in September. The business was renamed Clix Capital.
ALSO READ: We’ll see competition from Amazon, Paytm in lending, says Clix Capital’s Pramod Bhasin
“At present, we are building a full gamut of retail products including vehicle finance, education finance, SME lending, housing finance etc., and will have a reasonable presence in the lending market by the end of this year," said Gupta. All non-banking financial companies have a large role to play here, Gupta added because banks are unable to meet the increasing demand, especially for SME (small and medium enterprise) credit. He declined to share details of the size of the loan book at Clix.
Backed by AION, Clix Capital has a capital of $300 million. “We have identified three major segments for business—consumer, SME lending and commercial/corporate lending. Within that, there are multiple segments—consumer durables, used car loans, personal loans, education loans, school loans—in the consumer space," Bhasin said in an interview last year.
Clix Capital’s loans are in the range of Rs10,000 to Rs50-70 crore. Started in 1993, GE Capital’s non-banking financial company in India has served more than 10 million corporate and consumer finance customers. The business has three key verticals—auto, healthcare (medical equipment) and corporate loans.
AION is an India-focused fund established by an affiliate of Apollo Global Management Llc. together with ICICI Venture Funds Management Co. Ltd. The AION Fund with about $825 million in committed capital is one of the largest private equity funds in India.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
