– Aims for a growth of Rs 1000 Crores by the end of this financial year
– Plans to go for Initial Public Offering (IPO) within next two years
Thiruvananthapuram: Muthoottu Mini Financiers Ltd, one of the largest Non-Banking Financial Companies (NBFC) in India, announced its expansion and restructuring plans across the country.
The company aims for business growth of Rs 1000 crores in this financial year (FY 2020-21) through its expansion and restructuring strategy.
Muthoottu Mini Financiers inaugurated 1 Zonal Office in Vijayawada and 13 new branches in Andhra Pradesh as a part of its geographical expansion plan. The new branches were inaugurated digitally by Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers Ltd from Muthoottu’s Kochi head office, adhering to all the Covid-19 protocols.
The newly inaugurated branches are: Gooty, Ananthpuram, Guntakal, Yemmiganur, Nandyala, Kalyandurgam, Narasaraopeta, Dhone, Ongole-Kurnool road, Tadipatri Main, Kurnool-Kallur Estate, Ongole Main, and Tadipatri-Kadapa Road.
Speaking on the inauguration, Muthoottu Mini Financiers Ltd Managing Director Mathew Muthoottu said the company is very happy to announce the inauguration of new branches in Andhra Pradesh and the zonal office in Vijayawada.
“With the inclusion of these new branches and the zonal office, the company will now have 806 branches across 10 states, and 1 Union Territory spanning across India. In an endeavour to strengthen and serve our customers better, we are committed to making a sincere effort to increase the number of branches by the end of this financial year,” said Muthoottu Mini Financiers Ltd Managing Director Mathew Muthoottu.
He said the company’s aim is to outspread our network and reinforce our operations in Gujarat, Maharashtra, Delhi, Haryana, Telangana and few more branches in Andhra Pradesh in the future by keeping the customers’ best interests in mind.
As part of its revamp and expansion plan and to enhance growth, the company has announced to launch self-governing Zonal Offices managed by Zonal Managers.
Muthoottu Mini Financiers Ltd. Managing Director Mathew Muthoottu, said the company is completely restructuring its operations by launching zonal offices based on geographical divisions.
“Each of these zonal offices will have 70-100 branches which will gradually scale up to 150. Each zonal office will be headed by a Zonal Head. We are targeting to have 9 zonal offices altogether by the end of this financial year, of which 2 zonal offices are already functioning based out of Salem and Vijayawada” said Muthoottu Mini Financiers Ltd Managing Director Mathew Muthoottu.
The company digitised the branches across India during the country-wide lockdown to sustain quality service to the customers. This initiative enabled the customers to avail gold loans by making a one-time visit to the branch for the pledge of their gold holdings.
Customers had the liberty to make payments online from the comforts of their homes and also avail seamless top-up facility on the existing gold loans which can considerably reduce the cost of funds for them.
Muthoottu Mini Financiers Ltd Managing Director Mathew Muthoottu said the pandemic has fueled the growth of digital gold loans as customers preferred it as a convenient option.
“Also, we have elaborate plans to replace our existing in-house Core Banking Solution with a more competitive and cutting-edge technology and a technically efficient system. We are proud to say that we have seen a steady growth in the last few months despite the pandemic,” he said.
Muthoottu Mini Financiers Ltd Managing Director Mathew Muthoottu. also said the company is planning to bring 25% of our business from our digital platform. “We also envision to become the most preferred financial services partner among startups, SMEs, MSMEs, middle income and the lower middle income group across India” said Muthoottu Mini Financiers Ltd Managing Director Mathew Muthoottu.
The company currently has over 3000 employees and have employed over 400 staff members across the country this year. “Lakhs of people have lost their jobs during this pandemic. In order to mitigate the impact of this global crisis, we are creating career opportunities by successfully employing deserving candidates thereby helping in rebuilding our nation “ said Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers Ltd.
Asset under management
Muthoottu Mini Financiers Ltd has reported 25% growth in its Assets Under Management (AUM) as well as a surge in its profit by 44% in the last financial year. The rating agency, ‘India Ratings and Research (Ind-Ra)’ has upgraded the credit rating of Muthoottu Mini Financiers Ltd placing reliance on its strengthened financial base. The company is preparing to go for its Initial Public Offering (IPO) within next two years.
Non-Banking Financial Company (NBFC) Muthoottu Mini Financiers Limited is founded by the visionary Mathew Muthoot as the common man’s financier in 1921. A business set up by Mathew Muthoot to fuel a common man’s dream with finance at the right time has today grown into a large NBFC (Incorporated 1998) with close to 800+ Branches.
The Company has stayed true to its vision while achieving multi-dimensional growth over the years. Easy access Gold Loans and Microfinance form the core business of the company. The wide branch network established over the years and now in states of Kerala, Karnataka, Andhra Pradesh, Telangana, Tamilnadu, Puducherry, Maharashtra,Goa, Delhi, Uttarpradesh and Haryana making it easily accessible to the common man.
To make available a One-Stop experience to its customer, the Company also provides Wealth management, Money Transfer (Domestic and International), Recharge & Bill Payments, Insurance and Travel & Tourism Services.