Indel Money
Indel Money is an RBI-registered Indian NBFC, founded in 1986, that provides gold-backed loans, MSME financing, consumer durable loans, and remittance services to retail and small business customers across India through a hybrid branch, doorstep, and digital platform model.
- Company typePrivate
- Founded1986
- HeadquartersMumbai, India
- Headcount501–1,000
- GTM typeB2B and B2C
- OfferingServices
What Indel Money does
Indel Money Limited is an RBI-registered Non-Banking Financial Company (NBFC) founded in 1986 and headquartered in Ernakulam, Kerala, with a registered office in Mumbai. The company specializes in secured lending against gold collateral, offering gold loans under RBI-compliant loan-to-value (LTV) ratios of 75–85% depending on loan size, with interest charged on a daily diminishing balance basis. Beyond its core gold loan product, Indel Money provides MSME business loans, consumer durable loans, and foreign exchange and remittance services through its wholly-owned subsidiary Indel Remit.
The company's technology stack centers on the Indel Digital Gold Loan (IDGL) platform for online loan registration with OTP-based authentication and electronic signatures, complemented by the E-Connect digital payment platform and mobile applications on iOS and Android. Gold collateral valuation follows a standardized methodology using IBJA 30-day average pricing and multiple purity assessment methods including hallmark verification, touchstone, nitric acid, and karat meter testing. Distribution is hybrid, combining a physical branch network across India with doorstep gold loan service (launched September 2025), a website portal with branch locator, and a social media presence.
Indel Money's business model is primarily interest income on secured gold lending, with fee-based revenue from remittance services. It targets retail borrowers seeking short-term liquidity against gold assets and MSME/SME business owners requiring working capital. In FY25, the company reported a 52% year-on-year increase in AUM to ₹2,400 crore and 10% net profit growth to ₹61 crore, with FY26 guidance targeting ₹4,000 crore AUM and ₹10,000 crore in disbursements. Institutional backing includes ₹100 crore in debt funding from Kotak Credit Opportunities Fund (January 2026) and engagement of Lincoln International as lead banker for an upcoming equity round.
Indel Money firmographics
Firmographics- Name
- Indel Money
- Legal name
- Indel Money Limited
- Website
- https://indelmoney.com
- Company type
- Private
- Founded year
- 1986
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Indel Money is an RBI-registered Indian NBFC, founded in 1986, that provides gold-backed loans, MSME financing, consumer durable loans, and remittance services to retail and small business customers across India through a hybrid branch, doorstep, and digital platform model.
- Ownership category
- akta.pro rank
Indel Money industry classification
Industry- Product category
- Gold Loan Non-Banking Financial Services
- NAICS
- Depository Credit Intermediation (5221), Credit Intermediation and Related Activities (522)
- SIC
- Personal Credit Institutions (6141), Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- Embedded Lending & Credit (POS, Working Capital, Credit Lines) (FSAGALAD)
- akta.pro secondary industry
- Asset-Based Lending (ABL) (FSANADAD)
Keywords
Where Indel Money is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices2 records
Markets served
Indel Money business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Gold Loan Interest Income: The primary revenue stream is interest income from gold loans extended to retail customers. Loans are secured against gold ornaments with LTV ratios ranging from 75% to 85% depending on loan amount, and interest is charged on a monthly diminishing balance basis.
- MSME/SME Loans: Revenue from SME/MSME financing including business loans and consumer durable loans, generating interest income from these credit facilities.
- Money Transfer Services: Foreign exchange and remittance services through Indel Remit platform, generating fee-based revenue from international money transfers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Monthly | Consumption Loans up to ₹2.5 lakh: Maximum 85% LTV |
| Unit Pricing | Monthly | Consumption Loans above ₹2.5 lakh to ₹5 lakh: Maximum 80% LTV |
| Unit Pricing | Monthly | Consumption Loans above ₹5 lakh: Maximum 75% LTV |
| Unit Pricing | Monthly | Income Generation Loans (IGL): No prescribed LTV restriction |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
Indel Money product offering
Product offeringCore offering
Indel Money is a gold-loan focused Non-Banking Financial Company (NBFC) that extends secured loans against gold jewelry collateral at RBI-compliant loan-to-value ratios. The company also provides MSME business loans, consumer durable loans, and foreign exchange/remittance services through its subsidiary Indel Remit, operating across India via a multi-channel branch, mobile app, and doorstep service model.
Product overview
Indel Money is a gold-loan focused Non-Banking Financial Company (NBFC) that operates as a single-platform financial services provider. The core product is the Gold Loan, supplemented by MSME Loans and Consumer Durable Loans. The company also offers digital services including the Indel Digital Gold Loan (IDGL) platform and E-Connect payment platform, alongside a foreign exchange service called Indel Remit. The product portfolio centers on secured lending against gold collateral, with complementary SME financing and money transfer operations.
Differentiator
Problem solved
Functional benefit
Brands
- Indel Remit: Foreign exchange and international money transfer services
- Indel Digital Gold Loan (IDGL)
- SMILE Homes
- Indel Cares
Products and services
- Gold Loan
Quantifiable outcome
- 10% year-on-year increase in net profit to ₹61 crore in FY25
- +2 more outcomes
Companies that use Indel Money
Customer profileSegments3 records
Ideal customer profiles3 records
Indel Money technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Indel Money partnerships and signals
Strategic signalScale indicators6 records
Recent moves6 records
Expansion highlights5 records
Indel Money competitors and assessment
Company assessmentBroad incumbents
- Bajaj Finance: India's largest diversified NBFC with consumer, SME, and mortgage lending. Overlaps with Indel on consumer and SME lending but at materially larger scale and breadth; gold loans is a marginal product line.
- Cholamandalam Investment and Finance: Diversified Indian NBFC with vehicle finance and SME lending focus. Comparable NBFC model and target SME/consumer segments; does not focus on gold loans.
- State Bank of India (SBI) – Gold Loan: India's largest public-sector bank offers gold loans through its branch network. Competes for the same retail gold-backed borrower, with funding cost advantages as a scheduled commercial bank versus an NBFC.
- HDFC Bank: Major Indian private-sector bank offering gold loans alongside a wide retail product suite. Provides competitive pressure on pricing and turn-time for organized NBFC gold-loan players.
Direct peers
- Muthoot Finance: India's largest gold-loan NBFC by AUM, with a multi-thousand-branch pan-India network. Directly comparable on core product (gold-backed consumer loans), target customer (mass-retail), and NBFC regulatory model.
- Muthoot Capital Services: NBFC within the Muthoot group focused on two-wheeler and MSME loans. Less direct overlap on gold loans but highly comparable as an Indian NBFC peer — Indel's incoming CFO previously served as its CFO.
- Capri Global Capital: Indian NBFC with active gold-loan and MSME lending businesses. Comparable product mix to Indel's gold-plus-MSME offering and similar target borrower profile.
- Manappuram Finance: Second-largest gold-loan NBFC in India, with similar Kerala origins and a broader portfolio that includes microfinance and housing finance. Directly comparable on gold-loan core product and SME/retail customer base.
- IIFL Samman Finance: NBFC arm of IIFL focused on gold loans. Direct peer in product, customer segment (retail gold-backed lending), and NBFC regulatory positioning; smaller-scale than Muthoot or Manappuram.
Emerging players
- Rupeek: Tech-first gold-loan platform operating an asset-light marketplace model. Comparable end-customer and product, but differentiated delivery model versus Indel's branch-and-NBFC structure.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Indel Money social profiles
Digital presenceIndel Money financial estimates
Financial estimateRevenue estimate
Valuation estimate
Indel Money leadership team
Management profileNumber of profiles
Profiles5 records
Indel Money subsidiaries and ownership
Company hierarchySubsidiaries1 record
Indel Money funding detail
Funding detailFunding overview
Funding rounds2 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Indel Money M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Indel Money
What does Indel Money do?
Indel Money is a gold-loan focused Non-Banking Financial Company (NBFC) that extends secured loans against gold jewelry collateral at RBI-compliant loan-to-value ratios. The company also provides MSME business loans, consumer durable loans, and foreign exchange/remittance services through its subsidiary Indel Remit, operating across India via a multi-channel branch, mobile app, and doorstep service model.
Is Indel Money a public or private company?
Indel Money is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Indel Money founded?
Indel Money was founded in 1986. It employs 501 to 1,000 people.
Where is Indel Money based?
Indel Money is headquartered in Mumbai, India, in the Asia region.
How does Indel Money make money?
Three revenue lines are on record. Gold Loan Interest Income is the primary driver. The others are MSME/SME Loans and money Transfer Services.
Who are Indel Money's main competitors?
Broad incumbents on record are Bajaj Finance, Cholamandalam Investment and Finance, State Bank of India (SBI) – Gold Loan and HDFC Bank. Direct peers are Muthoot Finance, Muthoot Capital Services, Capri Global Capital, Manappuram Finance and IIFL Samman Finance. Rupeek is listed as an emerging player.
Does Indel Money have an API?
No public API is recorded for Indel Money.
What industry is Indel Money in?
Indel Money's product category is Gold Loan Non-Banking Financial Services. Its primary akta.pro industry code is FSAGALAD, Embedded Lending & Credit (POS, Working Capital, Credit Lines), with a secondary code of FSANADAD, Asset-Based Lending (ABL). Its NAICS code is 5221 and its SIC code is 6141.