HDB Financial Services Limited

HDB Financial Services Limited, incorporated in 2007, is a retail-focused non-banking financial company and a subsidiary of HDFC Bank Limited. The company provides lending products across three main verticals: Enterprise Lending, Asset Finance, and Consumer Finance, and also offers business process outsourcing services, including support for its parent's operations. The company operates a large pan-India network of around 1,772 branches across roughly 1,162 towns spanning 31 states and union territories, with a significant share of branches located outside India's largest cities. It follows an omnichannel approach combining physical branches with digital origination, and works with over 80 partner brands and OEMs alongside a wide network of retail and dealer touchpoints, serving around 17.5 million customers. Financially, the company has grown steadily, with total revenue rising from about Rs 11,306 crore in FY22 to roughly Rs 16,300 crore in FY25, while profitability moderated somewhat in FY25 amid interest rate volatility. As part of the HDFC Bank group, the company benefits from its parent's brand strength and distribution reach in India's lending market.

Ahead of the issue, the company raised about Rs 3,369 crore from 141 anchor investors at the upper price band of Rs 740 per share. Notable anchor investors included ICICI Prudential Banking and Financial Services Fund, SBI Flexi Cap Fund, and the Government Pension Fund Global.