India Infoline Finance (IIFL) is on a hiring spree. The Company, backed by the UK-based CDC group, is looking to grow loans about 25 per cent a year.
IIFL has hired ace banker, Sumit Bali, from Kotak Mahindra Bank to head the non-banking unit as its chief executive officer. The Company plans to recruit 4,000 people this financial year, which would take the workforce strength to 14,000 by March end, 2019.
IIFL is likely to enter into new businesses, such as construction finance as well as two wheeler and car finance. This hiring is aimed to support expansion and the Company’s board will meet in a day or two to approve the recruitment plan.
The Company, targets a loan book size of over Rs 50,000 crore in the next three years from Rs 31,000 crore, as on March 31.
Bali, is an IIM Ahmedabad alumnus, who was leading Kotak Mahindra Bank’s lending businesses, including home loans, loan against property (LAP), business loans, credit cards and personal loans for salaried individuals.
He was also handling Kotak Mahindra Prime and has experience of more than 12 years in the new-generation private-sector bank.
The Company is also on a branch expansion spree at a time when some lenders are going digital, offering loans.
IIFL is looking to expand its branch strength to 1800 from about 1200 branches currently, to rapidly spread across smaller cities and towns in India.
This week, IIFL Group’s wealth management firm raised Rs 750 crore from investors, including HDFC Standard Life, Amansa Capital and General Atlantic.
In the past one year, IIFL Holdings shares soared 17 per cent, outpacing the broader Sensex that rose 14 per cent during the same time.