IKF Finance, Non-Banking Finance Companies (NBFCs) announces that its assets under management (AUM) has crossed Rs 2000 crore. It aims to achieve Rs 6,000 crore (AUM) over the next few years.
IKF Finance provides loans for the purchase of all category new and used vehicles through customised schemes that are built considering the business needs and cash flow cycles of the borrowers.
While unveiling the achievement V G K Prasad, Founder and Chairman, IKF Group, mentioned, ”The company has developed strong competencies in the loan origination and underwriting of underbanked and underserved segments. With the push from Reserve Bank of India (RBI) to NBFCs, the sector has accelerated and has been able to cater to the last mile funding. IKF Finance has a diverse liability franchise with limits from all PSU banks & financial institutions. Leveraging the co-lending partnership with Bank of India and ICICI Bank, IKF Finance will also target customers from tier II and tier III cities of India. IKF Finance is well positioned with a healthy growth in topline and bottomline. The company’s subsidiary has also posted robust performance in its respective segments.”
Vinit Mehta, Director, MO Alts said “We have collaborated with IKF Finance over the past 7 years as investors and have seen the company grow from less than INR 500 cr company at the time of our investment in 2015 to more than Rs 3,500 cr by end of financial year 2022-23, which is a seven-fold growth since our investment. With a diversified secured asset strategy covering vehicle finance, SME and affordable housing, the company is well poised to sustainably grow 30-40 per cent annually.”
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