PE Fund Investments
Gold loan player Indel Money in talks to divest 15% stake and raise Rs.400-Cr
Mumbai-based Gold loan non-banking finance company (NBFC) Indel Money is in talks with private equity funds to divest 15% stake to raise INR 400 crore to fund its pan-India expansion plans. The NBFC is aiming to double its gold loan portfolio by 2022-23 from that of 2020-21, banking on sustained economic recovery, subsequent growth in gold loan demand and its accelerated expansion plan across India. Indel, which has 225 branches in Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Odisha and Puducherry, now plans to enter Maharashtra, Goa and West Bengal in the first quarter of next fiscal, and Gujarat, Madhya Pradesh and Rajasthan by the second quarter of 2022-23.
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