Jaipur-based non-banking financial company Finova Capital Pvt. Ltd has roped in former Axis Bank executive Rahul Sahney and former ICICI Bank executive Anurag Agrawal to strengthen its leadership team.
The company said that Sahney has been appointed as its chief operations officer, while Agrawal will be head of credit and operations.
In his 13 years as a financial services professional, Sahney had stints in Reliance Finance, AU Financiers and Standard Chartered Bank, besides Axis Bank. Agrawal was earlier associated with Tata Telecommunications and ICICI Bank.
“Rahul brings on board experience and hands-on knowledge. His contributions will be crucial in the growth of our enterprise. Anurag has the right vision and domain expertise to take Finova Capital at the pinnacle of success,” said Mohit Sahney, managing director and CEO, Finova Capital.
Last month, Finova had roped in banking sector past master Rajiv Sabharwal as a strategic adviser. The former ICICI Bank executive, who is currently a partner at True North Managers LLP, will steer the company’s overall business strategy, growth and development verticals.
Founded in 2015 by Mohit Sahney and his wife Sunita, Finova lends to the financially-excluded and unorganised micro sections, and small and medium enterprises. Sahney, a 17-year banking veteran, used to lead the mortgage business of ICICI Bank in Mumbai, besides being the head of the bank’s Rajasthan operations.
Finova’s client base include small-time manufacturers, handymen and service providers working on a 30-35% margin, such as electricians, plumbers, carpenters, paanwalas, milkmen, laundrymen and hairdressers. The firm extends loans against mortgages, typically taking two to three days to process an application. It charges interest rates of 21-25%.
Currently bootstrapped, Finova started off with equity of Rs 10 crore and a term loan of Rs 30 crore. It has a loan book of Rs 28 crore, and aims to close this year at Rs 100 crore. So far, it has extended loans to more than 300 customers, and is in talks with investors to raise funds.