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Gold loan NBFC Indel Money aims to grow its assets under management to ₹700 crore in the current fiscal and to ₹1,000 crore in 2022-23.
The company is also in talks with private equity funds to divest 15 per cent stake as it charts out a faster growth trajectory by entering new geographies this fiscal, it said in a statement on Wednesday. It plans to raise ₹400 crore capital within the next two to three years, the statement added.
“Indel Money is aiming to double its gold loan portfolio by 2022-23 from that of 2020-21 banking on sustained recovery of the economy, revival of the economic activities, subsequent growth in gold loan demand and its accelerated expansion plan across India,” it said.
The company’s gold loan portfolio as on March 31, 2021, stood at ₹309.97 crore. “In 2022, we will be mainly focussing on the tier 2 and 3 markets to further expand our presence,” said Umesh Mohanan, Executive Director and CEO, Indel Money.
The company presently has more than 225 branches across the southern part of the country and Odisha. It plans to expand to over 500 branches across 11 states by 2023.
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