Mumbai, 03 January 2023: Muthoottu Mini Financiers a.k.a Yellow Muthoottu, one of the leading NBFCs in India, today inaugurated 10 branches across Telangana and Andhra Pradesh. The first phase of the inauguration was done by Shri PE Mathai, CEO, Muthoottu Mini Financiers. The launch is in line with Yellow Muthoottu’s expansion plans across Telangana and Andhra Pradesh. As a part of the expansion plan, the company will launch 50 new branches across both states to cater the financial needs of customers. The new branches will be launched in two phases. The second phase of the launch will be done by Shri Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers in January.
With a rich legacy of over 100 years, the Yellow Muthoottu has always been at the forefront of meeting the ever-changing needs of its customers. The network expansion in Telangana and Andhra Pradesh is a natural extension to the company’s commitment towards fulfilling the financial needs of the customers across these states. Muthoottu Mini will reach a milestone of 250 branches in Telangana and Andhra Pradesh with the launch of the 50 new branches, with a total number of branches reaching 900+ across India. The new branches will offer a full suite of financial services, including Gold Loan, Insurance, Money Transfer, NCD, Micro Finance, Wealth Management, and Gold Coins & Jewellery
With a strong focus on customer service, Muthoottu Mini Financiers is confident of becoming the most preferred financial service provider across Telangana and Andhra Pradesh. The new branches will provide much-needed support to businesses and individuals, furthering the company’s mission of empowering the common man. Muthoottu Mini Financiers have a strong presence in Kerala, Tamil Nadu, Karnataka, Haryana, Maharashtra, Gujarat, Delhi, UP, Goa, and the union territory of Pondicherry, and this expansion will help solidify its position as a leading NBFC in India.
Speaking about the grand opening, Mr. Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers said, “Customers have always been the foundation of all of our endeavours. We are dedicated to giving our clients the best services possible so that they can avail our services to meet their financial needs. With the inauguration of our next 50 branches in Telangana and Andhra Pradesh, we are prepared to offer to outreach the customers in every nook and corner of the state. We are on the right track to being India’s most favoured and comprehensive provider of financial services. We also envision becoming the most preferred financial services partner among startups, SMEs, MSMEs, middle-income, and the lower middle-income group across India”.
Speaking on the expansion plans, Mr. P.E. Mathai, Chief Executive Officer, said, “We are on track to expand both vertically and horizontally by increasing the number of branches and at the same time we are focussing on the yield and performance of existing branches. This year we are planning to achieve our targets by categorising branches with a minimum per-branch gold loan AUM of 3Cr and up to 25 Cr AUM depending upon the potential of the branches. We have strengthened our digital platforms to adapt to the new normal and will continue to serve the valued customers consistently in the most innovative ways”.
The company has around 4000 employees with a network of 900+ branches spread across the states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Haryana, Maharashtra, Gujarat, Delhi, UP, Goa, and the union territory of Pondicherry. The company is preparing to go for its Initial Public Offering (IPO) within the next two years.