Latest News | Clix Capital Aims to Double Its Profit to Rs 100 Cr in FY'24

New Delhi, Feb 7 (PTI) NBFC player Clix Capital Services looks to double its profit to Rs 100 crore in the next 2023-24 fiscal by focusing on lending to MSMEs and other segments.

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, the company said in a release.

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"Clix Capital diligently utilised the Covid-induced disruption as an opportunity to reassess its business strategy as well as digitalise its core-operating model at scale," it said.

Clix Capital is poised to cross an AUM (Assets under Management) of Rs 5,000 crore by the end of this fiscal and aims to surpass Rs 9,000 crore by 2024-25, it said.

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By servicing consumers and MSMEs, Clix has disbursed more than Rs 18,000 crore to date. Most of the company's disbursements have gone to underserved MSMEs.

"...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 USD 5 trillion economy by 2025," said Anil Chawla, Founder, Clix Capital.

A sustained focus on MSMEs in the healthcare and education space has helped the lender witness a four times volume growth in the past 12 months.

"While we will continue investing in digitalization with an emphasis on agility and automation, moving ahead we would also be focusing on developing a strong co-lending ecosystem to supplementthe debtraise needed to fund our growth ambitions," Rakesh Kaul, CEO, Clix Capital said.

As per the release, from 5 per cent in March 2022, the company's GNPAs stood at less than 3 per cent in October, with a target of closing this financial year at around 2 per cent.

Clix Capital offers differentiated digital lending products. Co-founded by industry veterans Pramod Bhasin and Anil Chawla, Clix is backed by private equity fund AION Capital Partners Limited (an affiliate of Apollo Global Management, LLC).

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