Mumbai: Mumbai-based non-banking financial company (NBFC) Manba Finance Limited is all set to enter the lucrative South Indian market in partnership with Bengaluru-based Sreesastha Ins Corp Advisory Private Limited. With this, Manba Finance aims to replicate its successes in Western and Central India by rolling out its solutions across South India, starting from Karnataka and Tamil Nadu.
The Strategy
Manba Finance is using its collective expertise of more than 100 years as it looks to strengthen its expertise in automobile lending with origination, credit, collections and on ground distribution across the vehicle finance value chain. Through the partnership, it aims to offer its entire suite of vehicle finance products in the region- used two wheeler loans, three wheeler loans, used car loans, etc. as it intends to build the business organically on sound underwriting and operational readiness rather than on speed alone.
The USP
The company is aiming to deliver in-principle approvals with a digital, paperless customer journey-from application to documentation to disbursal. This will allow South India’s customers faster decisions, lesser friction and a financing experience that keeps pace with the point of sale.
“South India is one of the most dynamic vehicle markets in the country, and entering it the right way matters more to us than entering it quickly. Partnering with Sreesastha (Namma loan) gives us something money can’t buy on its own — a team that has financed vehicles in these markets for decades. That experience, combined with Manba’s products, balance sheet, and technology, is what gives us confidence in this expansion.”, Manish Shah, Managing Director, Manba Finance Limited, said in a press release to the bourses.
“We are delighted to associate with Manba Finance, a leader known for its robust product suite and customer-first approach. This strategic tie-up aligns perfectly with our vision of bridging the gap between quality financial products and underserved customers in South India. Our team’s decades of hands-on experience in tech enabled retail finance distribution will help accelerate high quality disbursements while upholding the highest standards of service and compliance. Together, we aim to empower individuals and businesses with reliable credit solutions that drive growth and financial inclusion.”V Gopalakrishnan, Director, Sreesastha Ins-Corp Advisory Private Ltd (Nammaloan) added.
