Vakrangee falls despite partnership with Aadhar Housing Finance

Vakrangee Ltd., one of India's largest network of last-mile retail outlets, on Thursday, announced its partnership with Aadhar Housing Finance Ltd to offer distribution of home loan & loan against property through its Nextgen Vakrangee Kendras.

According to the press release, these Nextgen Vakrangee Kendras exclusively offer a comprehensive range of products and services across banking, insurance, ATM, assisted e-Commerce, e-Governance and logistics. With 70 per cent of its Nextgen outlets in Tier-5 and 6 towns, Vakrangee will make available home loans and loan against property at reasonable interest rates to its customers in the most remote and hitherto unserved/underserved parts of the country.

Aadhar Housing Finance Ltd (Aadhar), is one of the largest affordable housing finance companies in India servicing the home financing needs of the low-income sections of the society.

Currently, Vakrangee has nearly 8,500 Nextgen Vakrangee Kendras in more than 450 districts across 25 States & UTs and 3,680+ postal codes. Vakrangee is gearing up to meet its target is of reaching at least 25,000 Nextgen Vakrangee Kendras by FY 2019-20 and further enhancing it to reach 3,00,000 Nextgen outlets by FY 2024-25.

To fulfill its target, the company has tied up with several partners across Banking, ATM, Insurance, Financial services, e-Commerce, e-Governance and Logistics verticals.

On Friday, the shares of Vakrangee Limited closed in BSE at Rs.24.45 as compared to the previous close of Rs. 24.70. The stock hit an intraday high of Rs. 25.75 and intraday low of 23.55.