Ernakulam (Kerala)-basically basically based mostly Indel Cash Ltd (IML) plans to induct a non-public fairness investor in FY25, develop its sources beneath management (AUM) to ₹5,000 crore by FY26 and launch an preliminary public provide (IPO) in FY27.
The non-banking finance company’s sources beneath management (AUM) grew from ₹648 crore as at March-terminate 2023 to ₹1,450 crore as at December-terminate 2023, per Umesh Mohanan, ED and CEO.
The corporate is predominantly into gold loans, lending money in opposition to the pledge of household gold jewellery. Virtually 90 per cent of its portfolio comprises gold loans, with the balance comprising house loans and loans in opposition to property, MSME loans and others. Within the flee-as much as the IPO, IML is planning to induct a non-public fairness (PE) investor by offering a few 10 per cent stake. PE investment will arrangement a valuation benchmark for the corporate, Mohanan acknowledged.
Additionally in the works is a $100 million exterior commercial borrowing programme in FY25, he added. Indel Company Pvt Ltd holds 100 per cent of IML’s issued, subscribed and paid-up capital. Mohanan acknowledged 60 per cent of IML’s AUM is utter lending and the balance is in the form of co-lending and utter project.
As on September 30, 2023, IML had 250 branches spread in the states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Odisha, Maharashtra and Telangana and the union territory of Puducherry. The corporate intends to widen its geographic footprint by Fiscal 2025 to over to over 425 branches across 12 Indian states, increasing to japanese and northern states in India.