Biyani launches Future Money

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.

Read more at Business Standard

Future ramping up presence in West Bengal

KOLKATA: Kishore Biyani’s Future Group is ramping up its retail presence in West Bengal. The group has silently signed up properties in Howrah, Siliguri, Bardhaman, Kharagpur, Darjeeling and even Asansol to open stores and occupy approximately 29 lakh square feet (sq ft) of the state’s retail space.

Total investment being envisaged is over Rs 500 crore. The move is expected to shore up the group’s overall business from the state to Rs 800 crore by financial year ended June 30, 2008, from an estimated Rs 450 crore in the current year.

Read more at Economic Times