“We repeatedly consider alternatives that align with our technique, however we don’t touch upon particular discussions,” a Piramal spokesperson mentioned, responding to ET’s queries in regards to the Hyderabad-based firm.
Keertana is a lending start-up with over 90% of its portfolio in gold loans. Its portfolio at present stands at ₹3,250 crore, whereas it goals to succeed in a ₹4,200 crore gross mortgage portfolio by the top of FY26.
“We now have no plan to promote out our firm,” Keertana promoter-cum managing director Padmaja Reddy mentioned. “We could solely search for a minor stake dilution. We might anyway plan an preliminary public supply as soon as we create a ₹5,000 crore portfolio.”
Reddy arrange Keertana a 12 months after being pressured out from Spandana Sphoorty Monetary, her first entrepreneurial enterprise. Keertana was based in 2022 with a product suite of microfinance and gold loans. Nonetheless, following the extended stress within the microfinance enterprise, Keertana has determined to exit the microfinance market by the top of FY26 and concentrate on lending in opposition to jewelry, a completely secured mortgage product.
The corporate began operating down the microfinance enterprise ever because the asset high quality disaster broke out. Its microfinance portfolio has shrunk to ₹194 crore from ₹706 crore as of September final 12 months. It’s learnt that Piramal had first given the proposal to amass the corporate within the final quarter of FY25, however the proposal was then placed on the backburner. Piramal renewed the supply very not too long ago after Keertana consolidated its gold mortgage enterprise, sources mentioned.
Piramal Finance, with ₹91,500 crore of belongings underneath administration (AUM) on the finish of September, has housing loans and loans in opposition to property as the first focus, with about 55% mixed share. The corporate was relisted on inventory exchanges on November 7 after a reverse merger with its dad or mum entity, Piramal Enterprises.
Its managing director Jairam Shridharan advised ET a month in the past that the corporate goals to launch gold loans by the top of FY26.
“Gold loans are a pure subsequent step in our journey of serving credit score wants of Bharat prospects,” he had mentioned.
Loans in opposition to gold ornaments, which require specialised experience and danger methods, are the most recent buzzword in India’s monetary area because the demand for it skyrocketed with rise in costs.
Increased costs translate into greater mortgage worth for a similar quantity of gold, making it a sought-after product for farmers, merchants and people.
