Indel Money, one of India’s fastest-growing gold loan NBFCs, has announced a strategic expansion across Maharashtra, Gujarat, and Rajasthan by FY26 to strengthen its footprint in western India. As part of this initiative, the company has inaugurated its registered office in Mumbai to steer growth and streamline strategic operations in the region. The goal is to increase its branch network in these three states to 45 by FY26.
Currently, Indel Money operates 37 branches in the region—22 in Maharashtra, 10 in Gujarat, and 5 in Rajasthan—with a strong presence in key cities such as Mumbai, Pune, Nagpur, Ahmedabad, Surat, Rajkot, Jaipur, Jodhpur, and Udaipur.
Commenting on the expansion, Umesh Mohanan, ED & CEO of Indel Money, said:
“The western region plays a crucial role in our long-term growth strategy. Despite high levels of household gold ownership, gold-backed loan penetration remains relatively low. We’ve seen a surge of over 35% in customer demand from this region. Our expansion is aimed at addressing this growing need through a transparent, secure, and tech-enabled lending model.”
He further added, “As we scale, our focus remains on responsible growth—anchored in compliance, customer trust, and operational excellence. The western market is a vital growth driver, and we will continue to invest in technology, local partnerships, and market-specific innovations to foster meaningful financial inclusion.”