Tata Capital, flagship financial services company of the Tata Group, has set its sights on geographical expansion, aiming to take its branch network from 700 to 1,000 by March 2025, Rajiv Sabharwal, MD & CEO, has said.

This non-banking finance company, which has assets under management of nearly $ 18 billion, will continue to invest more in technology and bring out more Artificial Intelligence (AI)-related products to the market, he said, adding that AI was now a focus area for the company. “Today we are using AI for servicing our customers or answering any questions customers may have. We already have an AI tool on our websites. In the future, we will use AI in marketing and in our credit processes (risk management). We want to expand our AI play”, Sabharwal told businessline here.

Earlier with a chatbot, Tata Capital was able to answer 75 percent of customers questions. Today with the company is using AI for more than 90 percent of the questions, he added.

Tata Capital also plans to focus energies on growing its education loans and wealth management businesses. “We have about 100 professionals in our wealth management business. We intend scaling it up in 2024. Our aim will be to double the Wealth Management headcount to 200 in next two years”, he said.

On branch expansion, Sabharwal noted that Tata Capital will be focused on both physical and digital model for growth. “ In last two-and-half years, we have grown our physical branch network from 175 to 700”, he said. 

Tata Capital, which has to go in for public listing by September 2025, has not yet decided on the timing for launching any IPO, Sabharwal noted. He also asserted that Tata Capital was not looking at any inorganic growth. This NBFC would continue to maintain 85 per cent share of its overall loan book towards retail and SME.