Non-banking financial company (NBFC) L&T Finance Limited on Tuesday announced a strategic partnership with Amazon Finance India to develop credit products aimed at Amazon‘s eligible customers and merchants. The tie-up will also boost L&T Finance’s product diversification strategy and improve credit availability for consumers. L&T Finance offers personal loans, SME loans, two-wheeler loans, housing finance and more.
Speaking on the partnership, Sudipta Roy, Managing Director & CEO at LTF said, “Enhancing customer acquisition is the first pillar of our five-pillar strategy to achieve our Lakshya goals, and this partnership will help us deepen our market integration. At LTF, we have transitioned from a product-focused approach to a customer-centric one. We aim to innovate and offer relevant products tailored to our customers’ needs.”
Last month, the company had reported a 25 per cent growth in its revenue from operations in the second quarter of the current fiscal to Rs 4,019.34 crore from Rs 3,213.84 crore in Q2 FY24 while net profit had jumped 16.8 per cent to Rs 695.58 crore.
In May this year, L&T Finance had partnered with PhonePe to offer secured housing and two-wheeler loans. In August, the company had collaborated with CRED, which rewards timely credit card bill payments, to enter into the co-lending space and provide unsecured personal loans to CRED members.
“Our collaboration with LTF will aim to empower eligible customers to fulfil their consumption aspirations,” said Vikas Bansal, Director, Amazon Finance India on partnering with L&T Finance.
According to a RedSeer report in July this year, out of the total Rs 112-118 lakh crore retail loans expected to be disbursed in FY28, digital lending is likely to have a 5 per cent share amounting to Rs 4.5-5 lakh crore. In FY24, the share was estimated to be 2.5 per cent amounting to Rs 1.5-1.6 lakh crore out of Rs 58-62 lakh crore total retail loans.