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Ace Atkins
 | |
| Industry | Financial services |
|---|---|
| Founded | 1991  |
| Headquarters | , |
Key people | Abhimanyu Munjal, CEO |
| Products | Two Wheeler Loans Loan Against Property SME & Commercial Loans |
| Rating | AA+ / Stable (CRISIL[1] and ICRA[2]) |
| Website | Hero Fincorp |
Hero FinCorp is an Indian non-banking financial company (NBFC) and an associate company of Hero MotoCorp. It provides consumer finance services, including financing for Hero MotoCorp vehicles and loans against property. It is also engaged in commercial lending, such as working capital loans and machinery loans.
History
The company was launched in 1992 as Hero Honda Finlease Ltd by extending working capital loans and medium-term finance to component suppliers and dealers of parent firm Hero MotoCorp, then called Hero Honda Motors Ltd.[3]
In 2011, as Hero Honda Motors was restructured, the company was renamed Hero FinCorp and acquired its present form. By April 2013, the company began giving two-wheelers loans to customers. In 2014, it ventured into loans against property, loans for small and medium enterprises and commercial loans.[4]
In September 2016, Hero FinCorp raised about ₹1,002 crore, out of which ₹702 crore was raised from ChrysCapital and Credit Suisse, while the remaining ₹300 crore was raised from the Hero Group.[5] ChrysCapital acquired an 11% stake in Hero FinCorp while Credit Suisse obtained around 2.5%, valuing the company around ₹5,200 crore.[6]
Services
Hero FinCorp provides financing for purchase of Hero MotoCorp two wheelers.[4] It also provides financing options for its existing customers who have availed loans to purchase two-wheelers from Hero MotoCorp. The company later started financing of used cars.[7]
The company provides loans against property to corporates, partnership firms and self-employed individuals.[citation needed]
In early 2020, the company launched SimplyCash app and entered the instant cash loan segment.[8][9][10][11][12]
References
- ^ "CRISIL Rating of Hero FinCorp Ltd." CRISIL Rating. Retrieved 2015-11-10.
- ^ "ICRA Rating - Hero FinCorp Ltd." ICRA Rating. Retrieved 2015-11-10.
- ^ "Hero FinCorp forays into retail financing" Economic Times, Mumbai, 03 May 2013. Retrieved on 06 November 2015.
- ^ a b "Hero FinCorp Ltd." Livemint. Retrieved 2015-11-06.
- ^ Paladhi, Arijit (15 September 2016). "Hero FinCorp raises Rs1,000 crore from ChrysCapital, others". livemint.com/. Retrieved 24 May 2017.
- ^ "Hero FinCorp raises $105 mn from ChyrsCapital, Credit Suisse". VCCircle. 19 September 2016. Retrieved 24 May 2017.
- ^ "CarDekho, Hero FinCorp to bring innovative loan offers on used cars - ET Auto".
- ^ "Simply Cash-One stop solution for all your instant cash requirements".
- ^ "Yahoo Search - Web Search".
- ^ "India's millennials are spending more responsibly; borrowed most for home repair & medical emergencies".
- ^ "India's millennials spending more responsibly; borrowed most for home repair, medical emergencies".
- ^ "PR Newswire".
External links
- Hero FinCorp at Bloomberg
- News on Hero FinCorp at Mint