PFSS is an extended arm of Piramal Capital & Housing Finance formerly known as Dewan Housing Finance Corporation Ltd. wholly owned subsidiary of Piramal Enterprises Limited (the flagship company of Piramal Group). At Piramal Group, our core values of Knowledge, Action, Care and Impact have been an integral part of our guiding philosophy. These values represent our deeply held beliefs and define us at the individual as well as organizational levels. Shaped by our past and collective experience, they determine how we engage with others, what we identify with and what we love and value. We encourage a deep understanding of these core values and believe in institutionalizing them across our entire organization so as to build a distinctive Piramal culture.

Piramal Group History And Finance Linkage


    Piramal Finance was established with the merger of the wholesale and retail finance businesses, a single integrated entity was formed combining the strengths, expertise and advantages of both worlds.


    PFL’s track record was validated once again with a strategic partnership with another institutional investor of global repute, Ivanhoé Cambridge, a real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), Canada’s second largest pension fund arm.

    With an initial commitment of US$ 250 mn from Ivanhoé Cambridge, the platform announced its intention to provide long term equity capital to top residential developers across five Indian cities. Partnership from such marquee investors time and again was a testament to the team’s ability to constantly raise the bar and spot newer opportunities within the target markets.


    Focusing on the relationship driven approach that the platform always exhibited with the development partners, the ‘Piramal Preferred Partner’ program was introduced whereby it’s selected existing development partners were allowed to draw from a pre-sanctioned limit.

    In line with the platform’s philosophy, this limit was aimed at providing fungiblity across the entire suite of funding and financing options that the platform is capable of extending.


    The platform embarked into an aggressive expansion mode with the backing of a stable growth across the past few years.

    With an existing presence in Mumbai, NCR, Bangalore, Pune and Chennai, the platform made its first foray in the Ahmedabad market and re-entered the Hyderabad market.

    The platform also pivoted away from residential and started targeting both structured debt and construction finance in the commercial space.


    In 2014, after a strategic review of the growing business and spotting an opportunity in a competitive marketplace, the fiduciary business and PFL became an integrated platform under the leadership of Mr. Khushru Jijina.

    This reorganization was deliberate and served as the single most defining USP for the business and its subsequent growth. In combining the debt and the equity business, PFL was able to provide perpetual capital to a real estate developer i.e. operate across the entire capital stack right from early stage equity to senior secured debt.

    The team was also reorganized as per geography, with a local office in each target market for eyes and ears on the ground, along with a full pyramid of cross functional professionals, comprising investment, asset management, risk and legal.


    The Fund business also enabled the platform to bring to market certain unique strategies such as slum redevelopment through Mumbai Redevelopment Fund where the platform raised ₹ 500 Cr.

    Additionally Indiareit Fund Scheme V was launched towards a geographically diversified portfolio in Tier-I residential projects where we raised ₹ 1000 Cr.


    The senior management team underwent a change whereby Mr Khushru Jijina rejoined the platform as the Managing Director of Piramal Fund Management Pvt. Ltd.


    After the sale of Piramal Healthcare’s domestic formulations business to Abbott, a strategic decision was taken to lay the foundation of a financial services business.

    Piramal Finance Limited(PFL) was set up as a non-banking financial company (NBFC) to start proprietary lending business. From 2010 to 2013, both Indiareit and Piramal Finance Limited (PFL).

    focused primarily on real estate, with the fiduciary business offering mezzanine and equity funding and the NBFC offering structured debt to real estate.


    Piramal Fund Management (then known as Indiareit) was one of the first real estate funding platforms in India. It was launched as a third party focused fiduciary i.e. it raised external funds for specific strategies/opportunities (aided by the Group commitment, much beyond the mandated requirement), and deployed the money over a fixed tenure to realise returns for predominantly retail investors.

    From inception till 2009, the platform raised three funds - Domestic Fund I, Domestic Fund III and Offshore Fund I (as Indian Advisor).

Where Do We Serve

Management Team

Vikas Arora
Vikas Arora

Vikas Arora is the CEO (Chief Executive Officer) at Piramal Finance Sales & Services Ltd.

Vikas has 23 years of rich experience in leadership roles in the financial services sector. He has led various functions for various mid to large cap companies, leading very large teams.

In his earlier role as Chief Operating Officer, Vikas was responsible for Credit Underwriting, Collections, Operations, Technical, BPR, RCU and Legal functions for DHFL. He played a pivotal role during Company’s CIRP under IBC, and was instrumental for smoothly running Company’s Operations. Before that as Executive Vice President and Head Risk, he was instrumental in setting up Risk Functions and creating a robust collections infrastructure for the Company.

He started his career with GE Money, followed by Cholamandalam DBS Finance Ltd., and later led Cholamandalam Investments as National Receivables Manager & Head – Collections Strategy.

In his current role, Vikas is committed to create a people organisation with a difference. Besides being one the largest recruiters, he is working towards making PFSS an employer of choice where our employees can get enough opportunities to progress their careers and work in a warm and just place.

Vikas is a marathon runner and deeply involved in various causes for the upliftment of children from economically weaker sections.

Jagdeep Mallareddy
Jagdeep Mallareddy

Jagdeep Mallareddy is the CBO (Chief Business Officer) at Piramal Retail Finance. Jagdeep has more than 25 years of experience in managing functions as diverse as sales, customer service, risk management and business operations.

Before joining Piramal, Jagdeep worked at Axis Bank as President, and was instrumental in scaling up the Retail Lending business. In his 10-year tenure, Jagdeep grew the business from an AUM of ~ Rs 20,000 crore to ~ Rs. 2.75 lakh crore. He was responsible for building its diverse portfolio comprising of mortgages, vehicle loans, unsecured products (personal and business loans), small business lending and rural lending.

Prior to that, he was part of the leadership team at ICICI Prudential Life Insurance Company Limited. Between 2001 and 2010, he served stints in underwriting, customer service and operations and risk management. In the early part of his career, between 1995 and 2001, Jagdeep performed diverse roles in sales, credit and risk at Bajaj Auto Finance, Cholamandalam, Kotak Mahindra Primus and HDFC Bank. Jagdeep has served as director on the boards of Axis Securities Limited and Axis Private Equity Limited.

Sunit Madan
Sunit Madan

Sunit Madan is the COO(Chief Operating Officer) at Piramal Retail Finance. Sunit has more than 25 years of experience, with specialized domain experience across Risk Management, Business Transformation, and Scaling Up businesses.

Before joining Piramal, Sunit worked at Axis Bank as the Executive Vice President, where he headed control functions such as Credit, Collections, Legal, Fraud Control and Compliance for Retail Lending and Payments, managing AUM of ~ Rs 3 lakh crores, while proving to be instrumental in scaling up the business.

He also worked with Genpact as the global operating leader for India to India and Hi-tech business verticals setting up key accounts, acquisitions, and service lines.

Before joining Genpact, he helped establish the ICICI Prudential Life Insurance Company Limited as a part of the founding team. As Vice President Customer Service Operations and across diverse Risk Management roles he led the efforts to set up branches, products, processes and capabilities. Earlier on in his career Sunit helped setup the collections capabilities and infrastructure for the Hyderabad and Vizag branches of The Hongkong and Shanghai Banking Corporation (HSBC). He also worked at Tata Communications, and laid down various controls and capabilities for Credit and Collections in the AP circle.

Upma Goel
Upma Goel

Upma Goel is the CFO of Piramal Enterprises Ltd. and is responsible for the finance function of PEL and all its subsidiaries. She played a key role in the integration of Dewan Housing Finance Corporation Limited (DHFL) into Piramal Capital & Housing Finance Ltd.

She is a Chartered Accountant with three decades of post qualification experience in the financial services industry. Her core competencies lie in business strategy, financial control, capital restructuring, M&A, tax, risk management and regulatory compliances. Upma joined Piramal as CFO – Retail Finance Business of Piramal Capital & Housing Finance Ltd. and was subsequently elevated to CFO of PEL.

Prior to Piramal, she was the CFO & Key Management Personnel at Ujjivan Small Finance Bank Limited and played a critical role in upscaling the finance function, successful transition of the NBFC MFI into the Bank. She successfully led the primary market fund raise from domestic/overseas market. She also spearheaded the finance and account function, Procurement, Liabilities management, business strategy and planning, regulatory compliances and investors relations. Prior to Ujjivan, Upma was the Group Deputy CFO at L&T Finance Holdings Limited.

Upma holds a Master’s Degree focused in Chartered Accountant from The Institute of Chartered Accountants of India.

In September 2022, she was felicitated by The Financial Express at the FE CFO Connect Conclave for her exemplary contribution to the industry and to the Piramal Group.

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