Indel Money, based in Mumbai, is set to onboard two new co-lending partners by September's end. Discussions are underway with State Bank of India (SBI) and an undisclosed private sector bank for partnerships, with a target portfolio of Rs. 700 crore over the next year.
CEO and Executive Director Umesh Mohanan stated that the new partners are expected to join by the end of the current or early next quarter, noting the time required for setup and parameter establishment. Presently, co-lending alliances exist with DCB Bank and IndusInd Bank, primarily focused on gold loan distribution.
Indel Money offers loans against property, business and personal loans, with annual disbursements exceeding Rs. 4,500 crore. The loan portfolio, around Rs. 1,700 crore, is predominantly comprised of gold loans, constituting 91 per cent. The co-lending mix stands at 40 per cent.
With approximately 300 branches, mainly in south India, the company recently expanded into Gujarat, aiming for Rs. 250 crore business this fiscal year. Plans include launching operations in Andaman and Nicobar Islands with five branches this quarter, followed by expansion into Rajasthan and West Bengal next quarter.
Indel Money is progressing towards an IPO in 2026-27 and aims to secure USD 100 million through external commercial borrowings, with an agreement expected by June's end, disbursed in tranches.
