RichMax Finvest bets big on Telangana mkt
NBFC aims to disburse gold loans worth Rs 150 crore by next fiscal year
image for illustrative purpose
RichMax Finvest, the NBFC arm of Kerala-based RichMax Group, said that it had set a target to disburse gold loans worth Rs 150 crore in Telangana by the end of next financial year.
The NBFC also aims to open 100 new branches in the State over the next 18 months. This expansion will allow the company to strengthen its team from the current 50 employees to 2,000.
RichMax Finvest currently has 10 branches in Hyderabad, Warangal, Suryapet, and other districts of Telangana. In addition, the company has 91 branches spread across Kerala, Odisha, and Tamil Nadu.
Speaking to Bizz Buzz, George John Valath, Chairman, RichMax Group, said: “I work with a clear understanding on my long-term mission and vision, in place. My plan is to open 100 new branches in the State in the next 18 months, and 400 in the next five years. In 2030, the target is to open 1,000 branches across India, and for 2040, the plan is to open a micro finance bank by acquiring another NBFC (non-banking financial corporation).”
Since its launch in 2022, RichMax Finvest has seen its AUM (assets under management) reaching Rs 350 crore across its 91 branches. In Telangana alone, the NBFC has disbursed gold loans worth Rs 1.5 crore in just 30 working days.
Informing about his plan to raise investment, Valath said, “In a financial year, as per RBI guideline, NBFC’s are permitted to raise non-convertible debentures of 200 ticket size, along with sub-ordinate bonds. With the current Rs 350 crore as AUM, we will pull-in Rs 150 crore to bring it to a total of Rs 500 crore. Of which, 90 per cent will be disbursed as gold loans across the States we are present in, and Rs 150 crore will be pumped into Telangana.”
