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Indel Money to roll out 105 branches across India in FY24


MUMBAI, JUNE 13, 2023

Indel Money, the flagship company of Indel Corporation and a non-banking finance company (NBFC), is strengthening its presence in western and central India as a part of its national expansion plan. Indel Money which currently operates through more than 250 branches in Maharashtra, Odisha, Karnataka, Andhra Pradesh, Tamil Nadu, Telangana, Puducherry and Kerala, is aggressively pursuing a pan-India roadmap by opening 105 branches in the current fiscal (FY24).

In FY23, Indel Money witnessed an unprecedented growth of over 250 per cent in disbursement compared to that of FY22. The company disbursed loans worth around Rs.3000 crore in FY23 with a monthly disbursement average of Rs. 250 crore in comparison to disbursement of Rs. 1050 crore in FY22. Gold loans take up 92 percent of its loan portfolio.

In FY23 alone, Indel Money grew its AUM by 72 per cent to Rs.1,154 crore from Rs. 669 crore; and profitability witnessed a staggering growth of 6.3 times to Rs. 31.29 crore from Rs 4.9 crore.

Commenting on the expansion plan, Indel Money ED & CEO Umesh Mohanan said, “With this phase of expansion, we are expecting robust growth in our customer base and Assets Under Management (AUM). As a part of our ambitious long-term growth strategy, we are looking at both organic and inorganic routes to expand our operational footprints across the country to emerge as a pan-India financial services company.”

The company has launched the third public issue of non-convertible debentures (NCD) of face value Rs. 1,000 each (open from June 6th – June 19th 2023). The Issue aggregates up to Rs.100 crore and the coupon yields up to 12.25 per cent per annum. The first two tranches launched in FY22 and FY23, respectively attained 169 percent subscription.

Rating agency Crisil has upgraded Indel Money to “BBB+ stable” at the end of last financial year.

Recently, Indel Money won the ‘Fastest Growing NBFC of the Year’ award at the BFSI Leadership Summit Awards2023.

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