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Kerala-based gold loan lender Muthoot Fincorp is eyeing markets beyond South India, and expects to clock about 15 per cent growth in assets under management (AUM) in FY20.
“As we speak now, we have ₹12,300-crore AUM. We grew at 16 per cent last year in terms of AUM, and are expecting almost similar growth in the current fiscal,” said Vasudevan Ramaswami, Chief Operating Officer, Muthoot Fincorp.
It had disbursed ₹27,000 crore last fiscal, with more than 90 per cent under gold loans. On average, the lender opens 200 branches a year. “Of this, almost 130 will be opened in north, western and eastern markets, though we will continue to focus on South India,” the COO said.
At present, Muthoot Fincorp has over 3,600 branches in India, with seventy per cent in the southern markets.
In September, Muthoot Fincorp issued non-convertible debentures to raise ₹500 crore (including a ₹250-crore greenshoe option).
The funds raised will primarily be used to elevate the working capital and enhance lending, he said.
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