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Non-Banking Financial Company (NBFC) Purple Finance plans to enter the affordable housing finance segment, targeting rural and mass-market borrowers.

The proposal was cleared by its Board of Directors, Purple Finance said in a statement.

To establish its presence in the sector, the company will evaluate options, including acquiring or investing in an existing Housing Finance Company (HFC) or setting up a subsidiary, subject to regulatory approvals, it said.

Following its recent acquisition of Saksham Gram Credit Pvt. Ltd., the Group's combined AUM touched Rs 853 crore across a network of 205 branches and over 1.6 lakh borrowers.

"Affordable housing finance offers a natural opportunity to deepen our relationships with customers in Tier III and Tier IV markets and support their aspirations for home ownership," Purple Finance executive chairman Amitabh Chaturvedi said.

Alongside the housing finance entry, the company's board has approved the launch of two shorter-tenor products tailored for Micro, Small, and Medium Enterprises (MSMEs)--Purpal Saral and Saksham LAP.

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