Indel Money, the flagship company of Indel Corporation and a gold loan non-banking finance company (NBFC), won the Fastest Growing NBFC of the Year award at the 2nd Annual BFSI Leadership Summit & Awards 2023 at an event held in Mumbai on May 5, 2023, Mr. Umesh Mohanan, ED & CEO and Jijith Raj Thekkayil, EVP & Business Head of Indel money received the award from Mahesh G. Thakkar, Director General, Finance Industry Development Council.
Mahesh Thakkar presenting an award to Mr. Umesh Mohanan (ED & CEO), and Jijith Raj (EVP & Business Head) Indel Money
Indel Money witnessed a staggering 210 percent growth in disbursement compared to FY 21-22, having disbursed loans worth Rs. 3000 crore for FY23. Gold loans take up 92 percent of its loan portfolio. Indel Money also grew its assets under management (AUM) by 72 percent to Rs. 1,200 crore in FY23. Recording a profit of 31cr ++ for the FY23, 6times the profitability of the last FY22. The rating agency Crisil has upgraded Indel Money to “BBB+ stable” in this FY. The gold loan company also has done 2 series of public issue on its non-convertible debentures (NCDs) in FY21-22 and FY22-23 each, respectively and attained a 169 percent subscription.
Commenting after receiving the award, Umesh Mohanan, Executive Director and CEO, Indel Money said, “We are thrilled to receive this prestigious award. Our growth has been driven by our unwavering focus on customer-centricity, product and digital innovation and growing presence in untapped markets. Our long-term gold loans aim to safeguard customer interest and have received encouraging responses. This acknowledgement will further motivate us to continue our journey towards emerging as the most preferred gold loan NBFC.”
Indel Money has been expanding its footprint aggressively and currently has 253 branches spread across 8 states including Maharashtra, Odisha, Kerala, Tamil Nadu, Karnataka, Telangana and Andhra Pradesh. The company has plans to open new 105 branches, by expanding to the states of Madhya Pradesh, Gujarat, Rajasthan and West Bengal in FY23-24. It also has plans to launch its 3rd Public Issue of Non-Convertible debentures within this month.
The 2nd Annual BFSI Leadership Summit & Awards 2023 brings together leaders from the banking, financial services and insurance sectors to discuss and deliberate on the latest trends and challenges in the industry.
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