NBFC Indel Money targets opening 700 branches

Mohanan Gopalakrishnan, chairman and managing director of Mumbai-based NBFC Indel Money, said the company planned to significantly increase its presence in south India in the next three years.

The company, which has opened its 100th branch at Erattupetta in Kottayam district, has set a target to open 700 branches across the country by 2020. Having started off with nine branches in Thrissur in 2013, Indel operates 71 branches in Kerala and 29 in Tamil Nadu.

Addressing mediapersons here today, he said Indel Money's focus segments include gold and personal loans, vehicle finance and business loans.

Mohanan said Indel Money had a book size of more than Rs 50 crore.

The company offers many cross-selling products like money transfer through Western Union Money Transfer, payment of utility bills like telephone-mobile bills, pre-paid mobile and DTH recharge.

These services are being provided at all of its branches in a tie-up with Itz Cash, India's leading holistic payments solutions company.