Ref: IMD-7-1700

Case study

Reference: IMD-7-1700

Order this case study

Mahindra Finance: Accelerating growth

Thomas W. Malnight

By Charles Dhanaraj, Emeritus Professor Thomas W. MalnightThomas W. Malnight and Ivy Buche

The case traces the journey of Mahindra & Mahindra Financial Services Ltd (Mahindra Finance), a pioneer and leader in catering to the financing needs of rural and semi-urban India – typically underserved, low income, agriculture-based customers. From 2006 to 2015 the company achieved a top line compounded annual growth rate of 26% by systematically creating new markets through new business verticals – vehicle finance, insurance, home loans and SME finance. Over two decades the company had diligently built a business model that hinged on customer centricity and trust and embodied its RISE philosophy for the rural sector. The case is set in 2015, when Mahindra Finance, along with its sister company Tech Mahindra, received government approval to open a payment bank in the country. This presented unprecedented opportunities while raising strategic choices for the company. Should Mahindra Finance stick to its core market – rural and semi-urban – or should it embark on a strategy that includes urban markets? A two-part version of this case is available as Mahindra Finance (A): Creating New Markets (IMD-7-1701) and Mahindra Finance (B): Creating New Markets (IMD-7-1702).

Learning Objective

  1. Creating new uncontested markets instead of developing new businesses
  2. Building a scalable and repeatable business model
  3. Integrating alternative thinking – to pivot and proceed
  4. Aligning business goals with corporate purpose
  5. Sustaining high growth through intrapreneurship
  6. Creating an outside-in approach to strategy
Keywords Automotive Finance, Business Model Innovation, Customer Centricity, Finance Company, Mortgage, Rural Market, Strategy
Settings Asia
Mahindra and Mahindra, Mahindra and Mahindra Financial Services
Type Field Research
Copyright ©2016
Available Languages English, Japanese
Order this case study

Reference: IMD-7-1700

IMD case studies are distributed through case clearing houses. In order to browse the collection and purchase copies please visit the links below.

The Case Centre, UK Office

Cranfield University

Wharley End Beds MK43 0JR, UK
Tel +44 (0)1234 750903
Fax +44 (0)1234 751125
Email [email protected]

The Case Centre, US office

Babson College

Babson Park, Wellesley MA 02457, USA
Tel +1 781 239 5884
Fax +1 781 239 5885
Email [email protected]

Harvard Business School Publishing

60 Harvard Way, Boston MA 02163, USA
Tel (800) 545-7685 Tel (617)-783-7600
Fax (617) 783-7666
Email [email protected]

Asia Pacific Case Center

NUCB Business School

1-3-1 Nishiki Naka
Nagoya Aichi, Japan 460-0003
Tel +81 52 20 38 111
Email [email protected]

Copyright information

IMD retains all proprietary interests in its case studies and notes. Without prior written permission, IMD cases and notes may not be reproduced, used, translated, included in books or other publications, distributed in any form or by any means, stored in a database or in other retrieval systems. For additional copyright information related to case studies, please contact Case Services.


Research Information & Knowledge Hub for additional information on IMD publications

Case study

Reference: IMD-7-1700

Order this case study
Looking for something specific?

Keep reading