Future Capital to Foray Into Retail of Financial Products
Tuesday, April 25, 2006
Future Capital, a majority-owned company of Pantaloon Retail, is chalking out a massive foray in the next few months into the manufacture and retailing of financial products, based roughly on a Latin American model.
Termed ?Project Moneybazaar?, the format will focus on tapping the middle and mass end of the consumption market with a retail credit plan that will offer everything from credit cards, auto and consumer durable finance, mutual funds, insurance, money transfer, financial planning, microfinance and mortgages.
The research for the project is being undertaken by Rupa Purushottaman who will combine anthropology and economics by mapping cultural consumption trends and behaviour and suggest different strategies for different cities. For instance, the company is planning specialised kiosks to tap the urban poor, in places such as Dharavi, Asia?s largest slum.
?Our focus is on creating a capacity to consume and will be based on the proprietary data derived from our daily interaction with the consumer. Offering bundled pricing for consumers who should be extremely comfortable walking into our formats should not be intimidated by any purchase plan. It is a progressive model and will be consumer-oriented and not product-oriented like the current range of financial products available,? said Samir Sain, CEO of Future Capital.
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Source: The Economic Times of India (link opens in a new window)