Financial services provider, Choice International, via its subsidiaries referred to as ‘Choice Group,’ announced that it plans to expand its operations in North India by launching 10 new locations in the first half of the fiscal Year 2024.

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The move is aimed at strengthening its presence in the region and providing financial services to its customers, the company said in a statement.

The new locations include Noida, Faridabad, Gurugram, Lucknow, Chandigarh, Ambala, and Panipat. The company will also launch operations at three different locations in New Delhi including Netaji Subhash Place (NSP), Rajendra Place, & Connaught Place, it added.

Kamal Poddar, managing director of Choice International said, "With the launch of our new locations, we aim to contribute to the development of these markets and establish a strong presence in the region.

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We are committed to investing in the talent and resources necessary to achieve this goal, and we look forward to working with our customers and partners to make this expansion a success."

Furthermore, the company revealed that it also plans to hire 250 employees for broking, mutual funds, and insurance. Currently, the company has a 150-member team working in Delhi and NCR.

In the next 2 quarters, Choice Group plans to open 10 more branches, including Dehradun, Kanpur, Prayagraj, Saharanpur, Ludhiana, Jalandhar, Jammu, Amritsar, Shimla, and Bareilly, the company revealed in its statement.

Choice Group also aims to have 500 employees in North India, including those in the upcoming branches for broking and distribution, it added.

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"Our expansion in North India is a strategic move for us, we feel there is an immense potential for growth and demand for financial services in these cities and towns, and we see this expansion as a key growth driver for our business.

Our innovative financial solutions are aimed at meeting the evolving needs of customers in the region and building financial awareness about investing in the stock market and mutual funds, rather than falling prey to Ponzi schemes," Poddar added.

The company is also expanding its subsidiary, Choice Finserv Private Ltd (CFPL), which commenced its retail lending in July 2022. CFPL, presently, offers loans for MSME business loans, wheels, and supply chain finance. During 2023-24, loans for solar financing will be extended to customers, Choice International added.

This move to expand in North India is followed by Choice Group's recent expansion in the state of Madhya Pradesh, where the company aims to set up offices in every district within the next two years.

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Set up in 1993, Mumbai-headquartered Choice International is a financial services conglomerate. Choice Group holds a strong reputation in the market in the verticals like equity broking, NBFC, insurance and government advisory.

The company has a strength of over 2,500 employees spread across 28 branches in India, along with 4 international offices in London, Hong Kong, Dubai and Nairobi.

The stocks of Choice International settled at Rs 322 per share, down 0.05 percent, when the market closed today, April 24, 2024.

First Published:Apr 24, 2023 7:23 PM IST