Mumbai-based Indel Money will likely onboard two new co-lending partners by the end of September. The gold financier is engaged in discussion with State Bank of India(SBI) and a private sector bank for co-lending partnerships. The company has set a portfolio of target of Rs. 700 crore through these deals over the next one year.
“The new co-lending partners will probably come on board by the end of this quarter or the beginning of the next quarter. Setting up a co-lending line takes a bit of time and there are a lot of parameters to be set,” Umesh Mohanan, chief executive officer and executive director, Indel Money said. He did not disclose the name of the private sector bank.
Currently, the company has co-lending partnerships with DCB Bank and IndusInd Bank. The company’s partnerships are primarily aimed at gold loan distribution.
Indel Money provides loan against property, business loans, and personal loans. Its annual disbursements stand at more than Rs. 4,500 crore per annum. The loan portfolio stands at around Rs. 1,700 crore, of which 91% constitutes gold loans. The co-lending mix is at 40%.
The company has around 300 branches, most of them in south India. Earlier this month, the company forayed into Gujarat, and intends to achieve business of Rs. 250 crore from its Gujarat operations this fiscal. “We are launching operations in Andaman and Nicobar Islands this quarter with five branches. In the next quarter, we will add Rajasthan and West Bengal to the portfolio,” Mohanan said.
The company is on track for an initial public offering in 2026-27. It will finalise an agreement to avail $100 million through external commercial borrowings by the end of June, drawn down in tranches.