Consumer loan finance company Home Credit India said Thursday it will lay off more than 10% of its 16,000 employees (1,800 employees), even as the company reworks its business strategy.
“The unprecedented pandemic has affected all aspects of our lives. It had an impact on each of us, our families, our customers, partners and businesses. These difficult circumstances have forced us to review and recalibrate our business strategy, keeping sustainability and business continuity in mind, ”the company said in a statement.
According to the rating agency CRISIL, the company’s loan portfolio stood at Rs 8,097 crore as of December 31, 2019, of which 21% was for the purchase of durable consumer goods, 78% for cash loans and 1 % for the rest.
Home Credit Group was founded in 1997. The main shareholder of Home Credit Group BV is PPF Financial Holdings BV (91.1 per cent of the capital). The group is present in 10 countries through its subsidiaries.
Earlier this month, many companies, including Indiabulls Home Finance, HDB Financial Services, Uber, Ola and Swiggy, laid off workers.
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First published: Thu 28 May 2020. 20:20 IST