Digitalization paving the way for future growth at Muthoottu Mini1 min read . Updated: 13 Oct 2020, 11:47 AM IST
Muthoottu Mini Financiers has witnessed 14% growth in its second quarter despite the economic upheaval, making it one of the fastest-growing companies amidst the pandemic.
Muthoottu Mini Financiers, one of India’s leading NBFC companies, digitized its branches across India amidst the pandemic. The initiative enabled the customers to avail gold loans by making a one-time visit to the branch for the pledge of the gold ornament and thereafter make payments online from the comforts of their homes. The digitization of branches ensured no compromise on the quality of service towards the customers.
“The gold loan sector has always been a challenging sector to operate in, and these are unprecedented times given the pandemic. We have been quick to adopt and implement technology effectively that has enabled us to get back into action and to adapt to the changing dynamics. This strategic transformation has redefined and altered the status-quo of gold loan business permanently." said Mr. Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers.
Muthoottu Mini Financiers has witnessed 14% growth in its second quarter despite the economic upheaval, making it one of the fastest-growing companies amidst the pandemic. The company’s business reports 25% growth in its Assets Under Management (AUM) as well as a surge in its profit by 44% in the last financial year.
The recent public issue of non-convertible debenture (NCD) to raise funds for business growth of its gold loan and microfinance activities in September 2020, the base issue size of which was 100 crores, with an option to retain oversubscription of Rs.100 crores received a good response resulting in a collection of over ₹150 crores.
“The pandemic has caused an economic crisis, enhancing the growth of the gold loan market. Gold loans are hassle-free and an easy option. The rise in the gold prices has made gold loan an option more convenient for the needy '' said Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers.
Muthoottu Mini Financiers has more than 3000 employees, 792 branches present across 10 states and 1 Union Territory across India. The company has launched a zonal office in Gujarat to strengthen its presence in North India and to accelerate the Company’s growth.
Placing reliance on the strengthened financial base, the rating agency, India Ratings and Research Pvt. Ltd. has upgraded the rating of the company.