NEW DELHI: Having roped in US-based hedge fund Capri as a strategic partner, Indian non-banking financial firm Money Matters Financial Services has decided to change its name to 'Capri Global Capital' and is planning to aggressively expand its operations and launch new products.
Chicago-based $3.4 billion fund Capri Capital Partners' chief Qunitin E Primo III has also been appointed as the Non-Executive Chairman of the Indian company.
Pursuant to this appointment, the company plans to expand aggressively and expand its operations and launch new products, it said in a statement.
"With Quintin coming on board, we plan to aggressively expand our operations and launch new products including expansion of lending portfolio to MSME segments as a part of diversification strategy with special focus on priority sectors," Capri Global's India Managing Director P H Ravikumar said.
As part of its strategy to expand and broadbase its portfolio, CGCL-India will expand its footprint to 24 cities including Tier II and III cities in the next three years. It currently has offices in Mumbai, Delhi, Ludhiana and Ahmedabad.
"Over the next 5 years, we will leverage the existing balance sheet and focus on securitisation opportunities to broad-base and build a profitable MSME and priority sector lending portfolio, and we aim to deploy around Rs 1,900 crore under MSME & priority sector lending by the end of financial year 2016-17," he said.
Money Matters Financial Services had entered into a strategic tie up with Capri and was renamed Capri Global Capital Ltd (CGCL-India) with effect from July 24 this year.
A leading non-banking financial company, CGCL - India is currently focused on wholesale lending business since April 2011 with total disbursements of 1,200 crore rupees to various corporate.
Capri Capital Partners LLC is a $3.4 billion fund focused on real estate and structured equity investments.
Meanwhile, CGCL - India has started its MSME and priority sector lending from the fourth quarter (January-March) of 2012-13.
In the first 3 months of operations, the lending was more than Rs 35 crore with a client base of around 40 customers.