Choice International plans to launch 10 new branches in North India in FY24

Financial services provider Choice International on Wednesday announced plans to expand its operations in north India by launching 10 new branches in the first half of the current financial year.

The move is aimed at strengthening its presence in the region and providing financial services to its customers.

To support these new locations, the group plans to hire 250 employees for broking, mutual funds and insurance, in addition to the existing 150-member team in Delhi and NCR, Choice International Ltd, which is listed on BSE and NSE, said in a statement.

Of the 10 new branches, three would be in Delhi and one each in Noida, Faridabad, Gurugram, Lucknow, Chandigarh, Ambala and Panipat.

In addition, Choice Group plans to open 10 more branches, including Dehradun, Kanpur, Prayagraj, Saharanpur, Ludhiana, Jalandhar, Jammu, Amritsar, Shimla and Bareilly in the coming 1-2 quarters.

Overall, the company aims to have 500 employees in north India, including those in the upcoming branches for broking and distribution.

"Our expansion in North India is a strategic move for us, we feel there is an immense potential for growth and demand for financial services in these cities and towns, and we see this expansion as a key growth driver for our business," Kamal Poddar - Managing Director Choice International, said.

The expansion in north India follows Choice Group's recent expansion in Madhya Pradesh, where the company targets to set up offices in every district within the next two years.

Choice International has three major verticals, including stockbroking, government advisory and NBFC.

The company is also expanding its subsidiary Choice Finserv Private Limited (CFPL), which started its retail lending in July 2022.

CFPL currently offers loans for MSME business loans, wheels and supply chain finance. In 2023-24, loans for solar financing will be extended to customers, the statement noted.