NEW DELHI: Global consumer finance company Pepper Group on Monday said it will invest $150 million over the next four years to establish a fintech in India.

The fintech, under the Pepper Money brand, will be spearheaded by former FlexiLoans co-founder Abhishek Kothari.

The company aims to hire a 200+ team to deliver consumer finance products that embed a localised approach to the market.

With plans to launch in the second half of 2023, Pepper Money India will introduce personal finance products to target 15 crore households in tier 2 and 3 cities, which are witnessing an increase in economic growth, the company said in a statement.

“With 65 per cent of the population under 35 years of age and over 90 percent smartphone adoption between 18-35 years, India has the potential to become one of the largest markets for us in the next 5 years,” said Mike Culhane, Group CEO of Pepper. “Kothari’s fintech experience and deep understanding of the consumer will be instrumental in building the Pepper Money brand across India,” he added.

Pepper Group has $21 bn in assets under management.