Indel Money, a non-banking finance company, is strengthening its presence in western and central India as a part of its national expansion plan.

The company currently operates through its more than 250 branches in 8 states such as Maharashtra, Odisha, Karnataka, Andhra Pradesh, Tamil Nadu, Telangana, Puducherry, and Kerala 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 over 250 per cent growth in disbursement compared to that of FY22. The company disbursed loans worth around ₹3000 crore in FY23 with a monthly disbursement average of ₹250 crore in comparison to disbursement of ₹1050 crore in FY22. Gold loans take up 92 per cent of its loan portfolio.

In FY23 alone, the firm grew its AUM by 72 per cent to ₹1,154 crore from ₹669 crore and profitability has grown a staggering 6.3 times to ₹31.29 crore from 4.9 crore.

Umesh Mohanan, ED & CEO, Indel Money said, “With this phase of expansion, we are expecting robust growth in our customer base and Assets Under Management. 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 ₹1,000 each (open from June 6 – June 19 2023). The Issue aggregates up to ₹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 per cent subscription.