Ceo Interview: Butter Money
Suhail Manocha, Founder & CEO at Butter Money, tells CB Insights how they view the market, customer needs, and their company.
How do you define your market and where does your company fit into that space?
So, we are in the Indian residential mortgage market. On size, India originates roughly $300 billion of home loans a year against an outstanding book of about $400 billion. It’s growing at about 18%. Mortgage penetration is still under 12% of GDP versus about 70-odd percent in the US. So, the market roughly triples from here structurally, right? The way I see it, our slice — we are in about 1% on origination. So, the fee pool as of today, based on our business model of the full market, is about $3 billion a year. That being said, we don’t go after the entirety of it. We are focused on prime and urban borrowers in tier 1 cities. That’s about 500,000 mortgages a year, roughly $55 billion of originations, and a serviceable revenue pool of about $500–700 million.
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