The company generally attracts its customers in the self-employed category whose monthly net income is between 15,000 rupees ($183.99) and 60,000 rupees.

“The level of optimism on the ground is very high. Customers are not only optimistic, they are investing more and credit demand is very strong,” said Jairam Sridharan, managing director of Piramal Capital.

Credit growth in India is near its highest level in 10 years, at 16.2%, and banks are seeing increased demand in both the corporate and retail segments.

This comes at a time when ratings agencies have cut India’s growth forecasts amid a global slowdown. Recently, Fitch cut its country growth forecast for fiscal year 23 from 7.8% to 7%.

The ghost creditors are also trying to double the balance sheet in four to five years from the current 600 billion rupees, Sridharan said.

While continuing to focus on the affordable housing segment, Piramal Capital is also expanding its reach into new businesses such as used car financing, gold lending and merchant financing.

Home loans rose 16 percent at the end of July compared to the same period last year, according to the latest data from the central bank.

“We are focusing on the so-called invisible populations – people who are invisible to traditional financial services – and there is a huge opportunity for us to identify these populations and actually serve them,” Sridharan said.

With its business expansion, the company also plans to increase its workforce from nearly 10,000 employees to around 15,000 employees by the end of March 2024.

Shadow banks are also considering growth through deals, although neither of those talks are at an advanced stage, Sridharan added.

Last year, Piramal took over the Board of Housing Finance Corp., once the country’s fourth-largest housing finance company, after defaulting on its debts.

($1 = 81.5270 Indian Rupees)