Home Credit India expects break even this fiscal

Consumer finance firm Home Credit India, a subsidiary of PPF Group of the Czech Republic, hopes to earn a profit during the current financial year on the back of growing customer base and fast business expansion.

"Usually, it takes 4-5 years to break even. We have so far invested 304 million euro (about Rs 2,520 crore in the business in India," PPF Group shareholder Jean Pascal Duvieusart told PTI.

"We are almost there ... we expect to break even during this financial year," he said.

He said the company will pump in capital to expand its footprint in India, but did not disclose the investment size.

Home Credit India has been expanding operations since its foray in 2012, he said, adding the company's operations are now spread over 175 cities and 29,000 Point of Sales across various states.

The company had a customer base of nearly 6 million and last year alone it added another 3.5 million customers, he said.

He further said, "We see a lot of potential for growth because of the scale of rapid economic expansion and many not having access to formal loan products in the country."