Motilal Oswal Financial Services Ltd has appointed Sanjay Athalye as the new managing director and chief executive of its Aspire Home Finance Corporation.
Athalye previously served as risk chief at IndoStar Capital Finance, which provides various financing services to corporates and small and medium enterprises in India. At Aspire, Athalye would now be responsible for driving broad-based strategy, strengthening operations and scaling up the business, according to a statement from the company.
Athalye has almost three decades of experience in banking, financial services and insurance, having worked in retail banking, commercial finance, risk management and portfolio quality. Before IndoStar, he worked with Reliance Capital, Centurion Bank of Punjab, IDBI Bank, ICICI Bank, Reliance Telecom and Modi Xerox. He holds a master’s degree in commerce from Nagpur University.
Aspire Home Finance Corporation
Aspire is a subsidiary of Motilal Oswal Securities, which is a part of Motilal Oswal Financial Services.
Aspire, which was incorporated in October 2013, started its business operations in June 2014.
As of June end, Aspire had a loan book of Rs 4,800 crore, with an average ticket size of Rs 8.5 lakh across more than 57,000 families. The firm has served more than 60,000 Indian families and has a presence in 125 locations across nine states: Maharashtra, Madhya Pradesh, Chhattisgarh, Gujarat, Rajasthan, Andhra Pradesh, Telangana, Karnataka and Tamil Nadu. It has around 1,200 employees.
Motilal Oswal, chairman and managing director, Motilal Oswal Financial Services, said, “Today, housing finance is one of the major contributors to India’s economy and increasing thrust by the central government in the affordable housing space augurs well for the sector. Our rich understanding from 57,000 live accounts has shaped the credit policy and will ensure higher quality sourcing of incremental loans.”