Consumer finance company Pepper Group said in a statement that it will invest USD 150 million over the next four years to establish a fintech in India under its Pepper Money brand. The startup will be led by former FlexiLoans Co-founder Abhishek Kothari.
With plans to launch in the second half of 2023, Pepper Money India will target the 15 crore households in Tier II and III cities. “We are extremely confident about the Indian economy, which has been amongst the high growth performers in the recent years,” Mike Culhane, Group CEO of Pepper, said in a statement.
According to the company, Pepper Group has USD 21 billion in assets under management (AUM) of self-generated loans via its Pepper Money brand, and a further USD 55 billion in AUM of third-party loans under credit management via its Pepper Advantage brand.
The group has an existing presence across Australia, UK, Europe, South Korea, Japan and South-East Asia, the company said. The firm aims to hire a over 200 team to deliver consumer finance products that embed a localised approach to the market. Moreover, the company plans to build network of strategic partnerships, including co-branded card partnerships and collaborations with co-lenders.