Indel Money expands operations to build a pan-India presence
Indel Money, a non-bank finance companyconsolidates its presence in western and central India as part of the national expansion plan.
Presently the company operates through more than 250 branches across 8 states like Maharashtra, Odisha, Karnataka, Andhra Pradesh, Tamil Nadu, Telangana, Puducherry and Kerala and is aggressively pursuing a pan-India roadmap by opening 105 branches in FY24. This includes 45 Branches in Maharashtra, Gujarat, Rajasthan and Madhya Pradesh.
In FY23, Indel Money witnessed an unprecedented growth of more than 250 per cent in disbursement as compared to FY22. The company disbursed loans worth around Rs. 3,000 crore in FY23 with an average monthly disbursement of Rs.250 crore as compared to a disbursement of Rs.1,050 crore In fiscal year 22. Gold loans make up 92 percent of its loan portfolio.
In FY23 alone, the company grew its AUM by 72 per cent to Rs. 1,154 crore from Rs. 669 crore and profitability grew a staggering 6.3 times to Rs. 31.29 crore from Rs. 4.9 crore.
Umesh Mohanan, Managing Director and CEO of Indel Money, said: “With this phase of expansion, we anticipate strong growth in our client base and assets under management. As part of our ambitious long-term growth strategy, we are looking at both organic and inorganic ways to expand our operational footprint in across the country to stand out as a pan-India financial services company.”
The company has launched the third public issuance of Non-Convertible Notes (NCD) with a face value of Rs 1,000 each (open from 6th June – 19th June 2023). The problem is compiled up 100 crore and the coupon yields up to 12.25 per cent p.a. The first two tranches were launched in fiscal 22nd and 23rd, respectively, and were 169 percent undersubscribed.