Indel Money Expands into Gujarat, Inaugurates 300th Branch in Naroda
Indel Money opens five additional branches across Gujarat, focusing on Ahmedabad, Surat, and other key locations
The company targets a business volume of Rs 250 crore from Gujarat in the fiscal year 2024-25, aiming to strengthen its position in the gold loan NBFC sector
BILKULONLINE
By Rafat Quadri
Ahmedabad, May 10: Indel Money, a prominent non-banking finance company (NBFC) specializing in gold loans, has announced its foray into Gujarat with the inauguration of its 300th branch in Naroda, Ahmedabad. This milestone marks a significant step in the company’s expansion strategy, aimed at providing customer-centric gold loan solutions nationwide.
In addition to the Naroda branch, Indel Money is simultaneously opening five more branches across Gujarat, located in Nikol (Ahmedabad), Dholka, Balasinor, and Hirabaug (Surat).
Umesh Mohanan, Executive Director and CEO of Indel Money, expressed enthusiasm about the company’s entry into Gujarat, stating, “Gujarat is one of the top industrialized states in India, with a high demand for credit and a population known for its entrepreneurial spirit. Our specialized gold loan products are tailored to meet these demands. The opening of these new branches underscores our commitment to expanding our reach and providing innovative gold loan solutions.”
Indel Money aims to establish a strong presence in Gujarat, with plans to open 26 branches in the state in the current fiscal year. The company is targeting a business volume of Rs 250 crore from Gujarat in FY25.
The expansion into Gujarat adds to Indel Money’s extensive network of branches across states such as Odisha, Maharashtra, Madhya Pradesh, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, Puducherry, and Kerala, further solidifying its position as a leading player in the gold loan NBFC sector.
Chanchal Gangadharan, Vice-President, Marketing & Corp Communication Indel Money was also present in Ahmedabad on Friday.
Indel Money Diversifies Financial Services Portfolio with Gold Loans Leading the Way
Indel Money, a non-deposit taking non-banking finance company (NBFC) under Indel Corporation, is making significant strides in the financial services sector. Specializing in lending against gold jewellery, Indel Money also offers loan against property, business loans, and personal loans.
With an annual disbursement exceeding Rs 4500 crore and a loan portfolio of over Rs 1700 crore, Indel Money’s focus remains on gold loans, constituting 91% of its portfolio. This strategic focus aligns with the company’s commitment to offering innovative and customer-centric gold loan solutions.
Indel Corporation, the parent company of Indel Money, was founded by Late Palliyil Janardhanan Nair and has evolved into a diversified conglomerate. The group’s expansion into various sectors reflects its growth trajectory and commitment to excellence.
Indel Money’s performance has been recognized by Crisil, which upgraded its rating to “BBB+ stable” in the previous fiscal year. This upgrade is a testament to Indel Money’s strong financial position and sound business practices, further enhancing its credibility in the financial market.
(Rafat Quadri can be contacted at editorbilkul@gmail.com)
