Indel Money eyes Rs 1,000 crore loan book next fiscal

The Kochi-based non-banking lender Indel Money that has pioneered long-term credit in the gold loan industry, is eyeing a loan book of Rs 1,000 crore next fiscal.

The company is also in talks with private equity funds to raise around Rs 400 crore for a 15 per cent stake as it looks at a faster growth trajectory by entering new geographies in FY23.

Indel Money’s gold loan portfolio stood at Rs 336 crore in FY20 and Rs 580 crore in FY21 and is confident of closing the book with Rs 700 crore by end-March. However, it did not say how much it has already achieved so far this fiscal.

The company currently operates 225 branches across Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Odisha and Puducherry. It has plans to enter Maharashtra, Goa, and Bengal in the first quarter of FY23 and Gujarat, Madhya Pradesh and Rajasthan by the end of FY23, Umesh Mohanan, Chief Executive and Executive Director at Indel Money said.

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