India's 1st financial supermarket launched

Chennai, July 23 (UNI) Super markets and shopping malls are quite common in any part of the world.

And now financial supermarkets are here to stay, offering a wide range of financial services under one roof.

In Chennai, "Artha Money" is to fulfil this function as India's first financial supermarket.

The multi-product, multi-brand financial services company would offer a unique single-stop service catering to each and every financial need of the retail Indian customer, right from investments like equity, mutual funds, real estate, to life and general insurance, personal loans and credit cards to services like tax filing, bill payments and foreign exchange.

Artha Money CEO and MD Suresh Rangarajan told reporters here today that the company has already set up five branches in the city and would be opening five more in the next five months.

Artha Money is looking at 10,000 customers in 25 days by August 15 and then to one lakh at the end of first year.

''At the end of five years, we are looking at one million customers with a turnover of Rs 500 crore'', he said and added that the company has forged partnerships with some leading companies across all four verticals, investments, insurance (both general and health, assets and money related services.

''With a range of these products under one roof, Artha Money is hoping to usher in a retail revolution in the personal finance space by positioning itself as a financial supermarket'', he said.

''While the Indian consumer has moved from the typical "Malligakadai stores (provision stores) to the super-mall, such a revolution has not yet touched the financial space.

We still "shop" for financial products like our parents did by interacting with multiple experts -- one for every product category'', he added.

''With the launch of our Financial Super Market we will change that'', Mr Suresh said and announced a unique promotion for the first 25 days where customers get an assured Silver coin on opening an Artha Money Account. In addition, one winner wins one sovereign gold coin every day for 25 days.

About expansion plans, he said the company would move to Andhra Pradesh by opening five branches in Guntur, Vijayawada, Vizag, Hyderabad and Secunderabad, before foraying into Karnataka with branches in Shimoga, Mangalore, Mysore, Hubli and Davanagere.

The company would soon set up four super markets in New Delhi.

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