Digital lending non-banking financial company(NBFC) Clix Capital aims to double its profit to Rs 100 crore in fiscal year 2023-24 by concentrating on lending to micro, small & medium enterprises (MSMEs) and other segments.
As per a company release, Clix Capital took advantage of the disruption caused by the pandemic as an opportunity to reevaluate its business strategy as well as digitalise its core-operating model at scale.
Clix Capital is poised to surpass an AUM (Assets under Management) of Rs 5000 crore by the close of this fiscal year and looks to go beyond Rs 9000 crore by FY25, the release read.
By servicing consumers and MSMEs, Clix has lent more than Rs 18,000 crore to date. Most of the company’s borrowers are the underserved MSMEs.
Anil Chawla, Founder, Clix Capital stated that the startup has carved its niche in focused business segments in line with India’s growth trajectory in the MSME, healthcare and education sectors.
“Providing loans for the growth of these sectors is imperative if India is to realise its ambition of becoming a $5 trillion economy by 2025,” he added.
According to the company, from 5% in March 2022, the company’s gross non-performing assets (GNPAs) stood at less than 3% in October, with a target of closing this financial year at around 2%.
Rakesh Kaul, CEO, Clix Capital said that while the firm will continue investing in digitalisation with an increased focus on agility and automation, it will also focus on developing a strong co-lending ecosystem to supplement the debt raise needed to fund the company’s growth ambitions.