Indel Money to roll out 700 branches

Indel Money Pvt. Ltd, the NBFC with strong presence in Kerala and Tamil Nadu, plans its pan-India visibility by rolling out 700 branches across the country in the next five years.

``We want to develop the segment as a major revenue earner by associating with multiple insurance companies and multiple service providers,'' CMD Mohanan Gopalakrishnan said.

The company's main focus areas include gold loans, personal loans, vehicle finance and business loans. Mohanan said the company will steadily increase its presence in South India in the next three years. Indel at present has 71 branches in Kerala and 29 in Tamil Nadu. Its 100th branch was opened in Kottayam district.

He said the company offers many cross-selling products like money transfer, payment of utility bills, prepaid mobile recharge and DTH.

The company was incorporated in 1986 in Mumbai and is a fully owned subsidiary of Indel Corporation Pvt. Ltd, which has investments in hospitality and automotive sectors.

(image credits: hindustantimes)
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