Cholamandalam Distribution Services targets housewives

Chennai: The city-based fund mobilisation and financial advisory company Cholamandalam Distribution Services Limited has decided to rope in housewives to expand its business. The company has devised a referral scheme called the Prosperity Partner Programme, whereby housewives could earn a good sum by referring their family members or friends to Cholamandalam Distribution Services to avail of the company's services.

According to D Arulmany, business head, housewives do not have to sell anything. "All they have to do is to refer to us the names and addresses of their friends and close family members who are in need of financial advice."

For the referral services, the company will pay the empanelled housewives 50 per cent of what Cholamandalam Distribution Services would earn by offering the required services. The company distributes mutual fund, fixed deposits, bonds, PAN card processing, post office savings, life and non life insurance products.

Meanwhile, the company is in the process of expanding its reach and offerings. "We plan to open six more branches in the four metros in six months time," says Arulmany. In the last three months, the company has established 12 new offices in the four metros taking the total number of branches to 41 in 24 cities.

Speaking about the proposed offerings he said that the company would get into tax and equity investment advisory services. "Our target is to increase our fund mobilisation to Rs3,750 crore this fiscal as against last fiscal's figure of Rs2,500 crore. We hope to double our revenue to Rs12 crore this year."