he Kishore Biyani-promoted Future Group today launched Future Money, a consumer finance company, that will initially provide credit of up to 70-80% for purchases made by customers at the group’s retail stores.
Future Money will subsequently look to extend its services outside the retail outlets of Future Group and even enter the home loan and car loan segment.
Future Money falls under the Future Capital Holdings (which has three private equity funds under it) and will be headed by former Citifinancial banker Rakesh Makkar.
While Makkar refused to comment on the initial capitalisation of Future Money, he said funds were currently being raised from Future Capital Holdings (FCH). "We are still working out all the details. For instance, we are in talks with some banks to come on board for the back-end. Let us see whether we do everything on our own or whether a bank joins us in this initiative," he said.
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