The Hindu Business Line : Allegro plans 15 financial supermarkets in Kerala

The outreach of these supermarkets would be extended with the appointment of 15 franchisees and 200 associates who would work as an extension of the company, taking the supermarket to those away from these branches.

Mr Kunal Kashyap, Chairman and CEO, told a press conference here that the prime focus of the company would be on Tier II & III cities and the salaried middle class.

The reason for choosing Kerala for its preliminary outreach programme is the highly literate and financially prudent population.

"The State has amongst the best aggregation of discerning investors when compared to many other parts of the country. Investors here have a strong outwardly looking disposition and are not averse to innovation and keeping in touch with the changing times. With our widest seamless offering of all financial products under one umbrella and at customers' doorstep, we strongly believe that this is a concept whose time has come," Mr Kashyap said.

Financial products

Allegro, which already has a client base of 5,000 salaried middle class investors with an investment corpus of Rs 1,000 crore, plans to grow from 19 offices employing 200 professionals to 50 offices employing 500 professionals.

Every Allegro branch will offer over 17 different categories of financial products from over 100 companies, representing the entire financial spectrum of what is available anywhere in India.

The company pointed out that the Allegro business model is different since it extends prime focus to the client's financial interest unlike the existing approach of most financial institutions such as banks and insurance companies that sell their products, whatever the need of the client.

Allegro would represent the leading brands and services of India: mutual funds from all asset management companies, broking on NSE and BSE, property and gold loans from leading business houses in Kerala, general and life insurance products from all public and private insurance companies, and gold from Tanishq are just some of the investment products on offer.

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