Indel Money Limited, a non-deposit taking non-banking finance company (NBFC) operating mainly in the gold loan segment, has announced the successful closure of its sixth public issue of secured, redeemable, non-convertible debentures (NCDs). The issue, which opened for subscription on October 13, 2025, was pre-closed on October 24, following a substantial oversubscription of 315 percent.
Originally scheduled to close on October 28, the company received bids worth ₹472.79 crore against the initial target of ₹300 crore. Each NCD carried a face value of ₹1,000, with an effective annual yield of up to 12.25 percent. The securities are expected to be listed on the BSE on or after October 31, 2025.
Strong Investor Demand
According to the company, the strong response from investors reflects widespread trust in Indel Money’s financial performance and governance standards. The company stated that the level of subscription highlights market confidence in its business operations and long-term strategy, even amid a period of moderate market movement.
The funds raised through this NCD issue are planned to be utilised for onward lending, financing, repayment or prepayment of borrowings, and other general corporate purposes. Vivro Financial Services acted as the lead manager to the issue, while the NCDs were rated ‘IVR A-/Stable’ by Crisil Ratings.
Expanding Financial Presence
As of September 30, 2025, Indel Money reported total Assets Under Management (AUM) of ₹2,750 crore. Gold loans make up nearly 92 percent of the company’s loan portfolio, placing it among prominent NBFCs in India’s organised gold loan market. The company operates 366 branches across multiple states including Kerala, Tamil Nadu, Karnataka, Maharashtra, Gujarat, and the union territory of Puducherry, along with a presence in north and central India.
Indel Money also manages a foreign exchange business under the brand ‘Indel Remit’, which functions with an RBI-authorised AD-II licence. The vertical offers currency exchange, travel money cards, and outward remittances, and operates through 24 dedicated forex branches and over 2,130 associate touchpoints across India.
Indel Group Legacy
Headquartered in Mumbai, with a corporate office in Kochi, Indel Money is part of the Indel Group, which began as a financial services entity in Palakkad, Kerala. Over the years, the group has expanded into sectors including automobile dealerships, hospitality, real estate, insurance, plantations, and communication.
The company was initially registered with the Reserve Bank of India in 2002 under registration number B-13.01564. It changed its name from Indel Money Private Limited to Indel Money Limited in 2021 following conversion to a public limited entity.
Indel Money Competitors
In India’s competitive gold loan and NBFC sector, Indel Money operates alongside major players such as Muthoot Finance, Manappuram Finance, and IIFL Finance. These institutions, like Indel, focus on secured lending against household gold jewellery, small business loans, and personal lending solutions. Growing investor interest in NCDs from such NBFCs reflects wider confidence in the gold-backed credit segment, particularly in South India, where the demand for short-term gold loans remains high.
