New Delhi, June 16 -- Godrej Wealth, a newly launched platform of the Godrej group, has appointed former Kotak Mahindra Bank executive Pavan Manchala as head and chief investment officer for private credit.
Manchala spent over two decades at Kotak Mahindra Bank and held various posts. Most recently, he was the business head for the alternate assets group.
Earlier this month, Godrej Industries Group, through subsidiary Godrej Investments announced the launch of the wealth management business. Godrej Wealth will operate alongside Godrej Capital, the group's lending business, together forming the financial services arm of the Godrej Industries Group.
Broadly, Godrej Wealth will focus on serving the affluent and high-net-worth individual clients in India, according to a press note. It will offer various products such as mutual funds, portfolio management services, alternative investment funds, private credit, and bespoke portfolio solutions.
The company aims to build assets under management of Rs 1 trillion by 2031. It intends to expand its presence across 35 locations over the next five years, the note said.
The business will primarily cater to clients with investable assets of Rs 2 crore and above, including entrepreneurs, new-age wealth creators, multi-generational business families, NRIs, and sophisticated investors with multi-asset needs.
"Private credit in India is finally growing up, and Godrej is building it the way I'd want it built - slowly, carefully, and with a real respect for what can go wrong," Manchala said in a Linkedin post.
Many financial services companies have launched private credit operations in recent years. Earlier this year, Oxyzo, the non-bank lending arm of B2B commerce platform OfBusiness, entered the private credit space with the launch of a Rs 500 crore ($54.5 million) performing credit fund. Similarly, HDFC Asset Management Company entered the private credit space with the launch of an alternative investment fund.
Published by HT Digital Content Services with permission from VC Circle.