NBFC Indel Money said it will open 200 brick-and-mortar branches across India by FY24. The Mumbai-based company closed FY21 with a live gold loan AUM of Rs 580 crore, up from Rs 336 crore in FY20, and is targeting Rs 850-crore AUM in the worst-case scenario and Rs 1,000 crore in the best scenario this fiscal.
“Gold loan demand will remain high because of the continued credit crunch in the market. Our doorstep gold loan facility will offer easy credit to entrepreneu”and professionals who are hesitant and pressed for time. We are focusing more to set up branches in strategic locations capable of delivering more yields in terms of AUM,” said Umesh Mohanan, executive director and CEO. Indel Money will be launching its maiden public NCD issue of Rs 150 crore in September, apart from ongoing funding sources like securitisation and bank credit.
