Mumbai : 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 currently operates through its more than 250 branches in 8 states like 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 percent growth 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% to Rs.1,154 crore from Rs. 669 crore and profitability has grown a staggering 6.3 times to Rs. 31.29 crore from 4.9 crore.

Commenting on the expansion, Mr. 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 (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 andthe coupon yields up to 12.25% 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.