Artha Money targets Rs 500 cr business

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Chennai, Jul 23: Artha Money, India’s first money management and end-to-end solutions provider, has set a target of Rs 500 crore business in next five years with one million customer base. The company, with a capital base of Rs 200 crore and a major shareholder in Bennet Coleman & Company, wants to become one of the major players in the money management, said Suresh Rangarajan, managing director and chief executive officer, Artha Money. Addressing the press conference here on Wednesday to officially announce the national roll out of its operations, he said: “Unlike other financial service providers, Artha Money is not targeted at high networth individuals (HNIs), rather will focus on middle network individuals (MNIs), who have annual disposable income of Rs 2 lakh and above.”

“There are over 42 million such households in India and out of which only 40% to 45% have bank accounts and only one million have demat accounts. We are looking at this segment and hope to have 100,000 customer base in the next one year,” he said.