India is aggressively making strides towards social and economic progress, marked by exponential growth owing to The Prime Minister’s vision for Vikshit Bharat. There is a renewed wave of development and determination, a sense of bridging the gap between higher economies with grassroots that is visible as a part of growing industrial trends. Joining hands in the force is Hero FinCorp with its transformed vision.
How does Hero Fincorp Operate?
Initially known as Hero Honda FinLease Ltd. (since July 2011), now operating under the name of Hero FinCorp Ltd. is an Indian non-banking financial enterprise (NBFC) that is a subsidiary of Hero MotoCorp. The company’s main business is offering competitively priced, “hassle-free” corporate and retail loans. Its companies, including Hero Housing Finance Ltd., assist in meeting two of the company’s current business ventures including consumer financing and commercial lending. Consumer finance includes property-based loans, loyalty customer loans (top-up loans for existing clients), and financing for Hero MotoCorp two-wheelers. In terms of commercial lending, it provides Indian companies with a wide range of funding choices, such as machine and working capital loans.
They offer retail, corporate, and loyalty loans like two-wheeler, personal, used car, commercial loans, properties against properties, unsecured business loans, medical equipment financing, working capital loans & inventory funding.
The company is present at 2000 retail touch-points across India and has partnered with over 2000 satisfied corporate clients to give hassle-free services to its clients. Hero FinCorp Limited has a subsidiary known as Hero Housing Finance Limited, The company focuses on end-to-end digital lending to enable a joyful home ownership experience for their customers.
Why ‘Hero FinCorp’ felt the need to transform?
Formerly, Hero FinCorp positioned itself as a ‘Trusted loan/finance partner’ to grow into a massive financial services provider that people can simply receive credit from and rely on. However, part of the purpose is to be open and honest about the way things work, which will build people’s confidence in their loan partner. Playing the role of becoming a one-stop financial services company, Hero FinCorp offers its products through user innovation.
Hero FinCorps’ refreshing brand ideology now redirects itself towards the concept of “Windows of Opportunity”, much evident in their renewed logo design too. These symbolic windows represent the unrealized potential in every person and act as doors to achieving goals and dreams. With the help of Hero FinCorp’s array of goods and services, stakeholders, workers, and clients should be able to take advantage of these chances and realize their aspirations.
This is an example of a mindset that seeks to enable clients, staff members, and other stakeholders to follow their aspirations with tenacity, fortitude, and confidence in their skills, which will result in success on both a personal and professional level.
The core of Hero FinCorp’s rebranding is its affinity for Indian ideals and goals. With its windows of opportunity wide open symbolism, it captures the spirit of Bharat and acts as a hand that guides customers towards opportunities, hence leading progress. The integration of Indianness ideals with Hero Group’s goal and vision is achieved.
What does the CEO have to say about it?
Abhimanyu Munjal, joint MD & CEO, of Hero FinCorp, expressed, “India’s growth story is not just about numbers; it’s about the resilience, innovation, and aspirations of its people, shaping a vibrant tapestry of progress known as Bharat. Our visual evolution is aimed at serving Aspiring Bharat; providing the confidence to make it happen”
Crafting a brand identity like such is paramount for any company, especially one undergoing a multi-step approach integrating market insights, customer and employee feedback, and a comprehensive analysis of financial and market trends. It’s like a symbol that represents what the company stands for and its goals for the future. This identity helps people understand the company better and what it wants to achieve. The culmination of these efforts results in a new brand identity that not only reflects the organization’s ethics but also sets an example reflecting its unwavering dedication to nurturing a ‘Viksit Bharat’ by 2047, showing the company’s dedicated contribution to building a better India. Hero FinCorp is striving to build stronger connections with people from all backgrounds across India through its refreshed brand identity.
How has Hero FinCorp excelled at this exercise?
The Group has shortlisted eight investment banks to launch a mega initial public offer in 2024. The targeted size of the proposed IPO is around ₹4,000 crore, according to Moneycontrol. With an impressive claim of disbursing loans at a remarkable frequency of once every 30 seconds, Hero Fincorp stands out in its agility and market presence. The ownership structure further solidifies its position, with Hero MotoCorp holding a significant stake of approximately 40%, alongside the Munjal family’s ownership ranging from 35% to 39%. Notably, the remaining equity is diversified among esteemed private equity investors including Credit Suisse, Apollo Global, and select dealers of Hero MotoCorp. This composition of stakeholders reflects a balanced blend of industry expertise and financial backing, supporting Hero Fincorp’s standing as a prominent player in India’s financial landscape.
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