Tuesday, May 21, 2024
Outlook India
Outlook Business

Aiming For Rs 100 Crore Profit In Financial Year 2024: Clix Capital

Clix Capital has targetted an AUM of Rs 5000 crore by the end of this fiscal and Rs 9000 crore by FY25

Aiming For Rs 100 Crore Profit In Financial Year 2024: Clix Capital
Anil Chawla, founder of Clix Capital

Outlook Start-Up Desk

POSTED ON February 08, 2023 5:24 PM

Clix Capital Services (Clix Capital), a non-banking financial services company, announced that it has made strides in turning around its business this year under the new leadership.

Challenged by the Covid-19 pandemic and the associated lockdowns, several NBFCs and lending institutions struggled to manage growth and asset quality, and Clix was no different. However, over the past 18 months, it has turned profitable owing to its sharp focus on key businesses driving India’s growth trajectory, such as micro, small and medium-sized enterprises (MSMEs), healthcare and school financing, said the company.

With such reported growth, Clix is eyeing a profit of Rs 100 crore in the financial year 2024 (FY24).

The post-pandemic period saw massive pent-up demand amongst sectors severely impacted due to Covid-19 and the subsequent lockdowns, such as travel and tourism, education, healthcare and automobiles. Clix Capital claims that it utilised the Covid-19-induced disruption as an opportunity to reassess its business strategy as well as digitalise its core-operating model at scale.

Clix Capital projects to cross the assets under management (AUM) of Rs 5000 crore by the end of this fiscal and aims to surpass Rs 9000 crore by FY25. By servicing consumers and MSMEs, Clix claims to have loaned more than Rs 18,000 crore to date.

“Under the leadership of our new CEO, Rakesh Kaul, the company has carved its niche in focused business segments in line with India’s growth trajectory in the MSME, healthcare and education space. Providing credit for the growth of these segments is imperative if India is to realise its ambition of becoming a $5 trillion economy by 2025,” said Anil Chawla, founder, Clix Capital.

Focus on MSMEs in the healthcare and education space has helped the lender witness a 4 times volume growth in the past 12 months. The core retail AUM growth was 1.4 times, supported by a growth of 1.8 times in debt raising, Clix Capital stated.

“While we will continue investing in digitalisation with an emphasis on agility and automation, moving ahead we would also be focusing on developing a strong co-lending ecosystem to supplement the debt raise needed to fund our growth ambitions,” said Rakesh Kaul, chief executive officer (CEO), Clix Capital.

  • Related Articles

    Avenue Growth plans to utilise the funds in the expansion of its verticals, strengthen its technology platform and expand its leadership team

    India Accelerator's Growth Opportunities Fund leads investment in Avenue Growth

    Prime minister added that India is also the home to 108 unicorns in the world

    Prime Minister Narendra Modi Hails Indian Start-Up Ecosystem In His Parliamentary Speech

    The fresh funds will be utilised to strengthen research and development and enterprise sales as well as to further enhance its presence in international markets

    B2B Start-Up Cusmat Raises $3.5 Million In Series A Rund Led By Arkam Ventures