Muthoot Pappachan Chits, part of the diversified Muthoot Pappachan Group, is aiming to have Rs 3,000 crore business by the end of next fiscal (2019-20). This will be supported by its aggressive expansion plan across non-metros in the southern region.
Currently, the company is generating business worth Rs 300 crore from the southern region.
Thomas John Muthoot, Chairman and Managing Director, Muthoot Pappachan Group, said, "While regulations are clear now, adoption of technology comes in handy to reduce cost and be competitive."
Roy John, Vice-President, Chits Business, stated, "By next fiscal, we want to cover entire Tier 2 cities of south and target a total business of Rs 3,000 crore with more than 15,000 subscribers."
In Karnataka, the company is operating chits business in Bengaluru, and will soon be expanding to Davangere, Mysore and Hubballi. While in Tamil Nadu, after Chennai, it will expand to Coimbatore, Tirupur, Tiruchi and Madurai. The company will be covering other southern States in the next fiscal.
