Bajaj Finance may spin off payments business; to scale up apps, platforms

Bajaj Finance is looking to spin off its payments vertical as a separate subsidiary, and to meaningfully scale up platforms and apps launched in the past 45 years.

The non banking finance company manages around half of all consumer credit in India in volume terms and has a significant share in the loan volumes for the purchase of electronic items and iPhones.

Its mortgage book grew 26 per cent in the fourth quarter of FY23 and constituted 28 per cent of its total assets under management of Rs. 2.47lakh crore as at Marchend. Its payments business is still at a nascent stage and is being scaled up.

In a recent interaction at Jefferies India Forum, Bajaj Finance’s Chief Executive Officer Rajeev Jain indicated that the company is looking at a 45 per cent share in retail loans and a 3 per cent share in the payments segment.