Mirae Asset merges Sharekhan lending unit to consolidate NBFC operations

Mirae Asset Financial Services (India), a non-banking financial company (NBFC), has completed its merger with Mirae Asset Sharekhan Financial Services Limited, an NBFC subsidiary.The consolidation, effective March 11, brings the lending operations of both entities under Mirae Asset Financial Services.

Prior to the merger, Mirae Asset Sharekhan Financial Services focused on secured lending products, such as loans against securities, catering primarily to clients with large investment portfolios and higher-value loan requirements.
Mirae Asset Financial Services, on the other hand, has been offering digital lending solutions including loans against mutual funds and shares, as well as personal loans through digital platforms and partnerships, targeting a broader retail customer base.Post-merger, the combined entity aims to provide both digital retail lending and high-value secured lending solutions. Mirae Asset Financial Services has indicated that it will continue its digital offerings while expanding its loan against securities proposition through a mix of digital and assisted onboarding.

Krishna Kanhaiya, CEO of Mirae Asset Financial Services, said the merger strengthens the company’s lending platform by integrating digital capabilities with experience in high-value financing. He added that existing customers’ loan accounts will continue to be serviced under the same terms.

Mirae Asset Financial Services, established in 2020, is registered with the Reserve Bank of India and is part of the Mirae Asset Group. It offers a range of secured and unsecured lending products, including loans against mutual funds, loans against shares, and personal loans through digital channels and partnerships.