SMFG India Credit bets big on key southern market to drive future growth

The new office in Chennai spans 68,000 square feet and can accommodate over 730 employees

Non-banking finance company (NBFC) SMFG India Credit has said that it is betting big on the South Indian market for future growth, with special focus on Tier-III cities.

 

The entire southern market is a key focus area for SMFG India Credit and is integral to the company’s expansion efforts, contributing 34 per cent to its total assets under management (AUM) of Rs 46,500 crore as of the first quarter of FY25.

 

“The company’s decision to establish a robust presence in the region aligns with its mission to reach underserved communities, ensuring broader access to formal credit and promoting financial independence across diverse demographics in the region,” said Swaminathan Subramanian, chief operating officer, SMFG India Credit.

 

 

The company has recently started a new registered office in Chennai and has launched its 1,000th branch in September.

 

The company has established a substantial presence across India, with a focus on Tier-2 and rural regions, where 90 per cent of its branches are strategically located.

 

“In the past two years, SMFG India Credit has opened around 300 new branches in Tier-2 cities and semi-urban areas. This expansion reflects the company’s commitment to driving economic empowerment in these regions,” Subramanian added.

 

The new office in Chennai has an area of 68,000 square feet, which can accommodate over 730 employees. This enhanced space is equipped with superior infrastructure, cutting-edge amenities, and improved connectivity through Chennai’s public transport network, fostering a more accessible, productive, and supportive environment for employees.

 

“SMFG India Credit views Tamil Nadu as one of its top three markets, both in terms of branch network and loan disbursements. The state’s progressive economic policies, combined with the ambitious Fintech City project, position Tamil Nadu as a rapidly growing hub for financial services,” he added.

 

The new registered office strengthens SMFG India Credit’s ability to serve the Southern market more effectively, especially given Tamil Nadu’s status as a top market with substantial branch coverage and loan distribution. Through this facility, SMFG India Credit can better execute its vision to empower communities by providing enhanced access to formal credit, thereby supporting local economies and fostering financial independence, he said.

 

“Our branch network across the country serves as a key enabler for fostering economic empowerment across urban, semi-urban and rural areas across the country. These touchpoints are also integral to SMFG India Credit’s mission of driving financial inclusion, enabling aspirations and enriching the communities we serve,” Subramanian added.

 

The company's plan is to penetrate deeper into these emerging markets and create opportunities for individuals and businesses that have traditionally been excluded from formal financial services. 

 

“We see significant opportunities in the MSME and affordable housing space, as these areas align well with our goals of promoting sustainable economic growth and tapping into high-growth markets,” he added.