Covid-19 impact: Home Credit India to give pink-slips to 1,800 employees

Home Credit India said it was a tough decision and the organization is trying its best to help the impacted people in getting securing new opportunities

Consumer loan finance firm Home Credit India on Thursday said it will lay off over 10 per cent of its 16,000-strong workforce (1,800 employees), even as the company reworks its business strategy.

“The unprecedented pandemic has affected every aspect of our life. It has impacted each one of us, our families, our customers, partners, and businesses. These trying circumstances have compelled us to revisit and recalibrate our business strategy, keeping sustainability and business continuity in mind,” the company said in a statement.

According to rating agency CRISIL, the company's loan book was Rs 8,097 crore as on December 31, 2019, of which 21 per cent was for purchase of consumer durables, 78 per cent comprised cash loans, and 1 per cent for the rest.

Home Credit Group was founded in 1997. The main shareholder of Home Credit Group B.V. is PPF Financial Holdings BV (91.1 per cent stake). The group has presence in 10 countries through its subsidiaries.

Earlier this month, many companies, including Indiabulls Home Finance, HDB Financial Services, Uber, Ola, and Swiggy have laid off employees.