Bajaj Finserv Targets 250 Million Customers by 2029

Indian financial services major Bajaj Finserv has revised its customer acquisition target upward, now aiming to reach 250 million customers over the next four years, said Chairman and Managing Director Sanjiv Bajaj to Reuters.

This is a sharp increase from the company's earlier goal of 200 million customers by 2029, set just last December. The accelerated target reflects the company's faster-than-expected business growth and confidence in the strength of the Indian economy.

"(It's) very promising. We've added 10 million new customers in the last two years," Bajaj told Reuters.

Strong Base and Market Potential

Bajaj Finserv currently serves 92 million active customers across its business segments, which include lending, asset management, and insurance. Despite being one of the country’s largest non-bank financial firms, Bajaj believes the company has tapped only 30% to 40% of its total market potential. A key focus now is expanding its reach among India's growing middle class and first-time borrowers, particularly in underserved segments.

Subsidiary Performance and Lending Focus

The company’s largest subsidiary, Bajaj Finance, plays a critical role in this growth. It provides consumer and business loans, including mortgages via Bajaj Housing Finance, and has been leveraging technology to streamline operations. Artificial intelligence (AI) chatbots are now used for loan disbursals and customer support, reinforcing the company’s tech-driven approach to scale.

Financial Strength and Risk Mitigation

In FY2024–25, Bajaj Finserv posted a net profit of $1.1 billion, up from $900 million in the previous year. The firm has taken a prudent approach since 2020 by maintaining cash reserves to absorb potential loan losses. The net loss ratio at Bajaj Finance remains low at around 0.7%, indicating relatively stable asset quality despite some elevated stress levels.

Insurance Consolidation and Strategic Deals

In March 2025, Bajaj Finserv signed a deal to acquire Allianz’s stake in their two joint insurance ventures, life and general insurance, for €2.6 billion. The deal is currently awaiting regulatory approvals and will be funded internally by Bajaj Finserv, underscoring its robust financial position.

"Post-COVID, we initially saw a period of stress where we saw revenge buying happening all over the world," he said to Reuters, referring to the trend of customers spending on expensive goods after the pandemic. "So actually credit performance improved, and then it (has) started normalising to say 2019 pre-COVID levels. We think by and large it's normalised there; another couple of quarters and it should be fine."

Also Read: Bajaj Auto June 2025 Sales Up 1% YoY; Exports Jump 21%!

Conclusion

With an eye on India’s economic momentum and its vast untapped customer base, Bajaj Finserv is aggressively pushing forward. Its blend of digital innovation, strategic acquisitions, and customer-focused lending positions it well for sustained long-term growth.

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