Muthoot Mini Financiers Ltd one of India’s largest non-banking financial companies has announced a strategic collaboration with Exide Life Insurance Company Ltd to provide life insurance products through its branches. This tie-up will enable Muthoottu Mini Financiers Ltd to increase finance offerings to its customers by becoming a ‘One Point Stop’ for all their financial needs.
The Bengaluru-based Exide Life Insurance serves over 15,00,000 customers, with a broad range of investment products. This collaboration will enable Muthoottu Mini Financiers, which has a customer base of more than 30,00,000, to facilitate greater brand awareness for Exide Life Insurance.
According to Mathew Muthoottu, Managing Director, the company would be promoting business through their eight-hundred and six branches across the country. With the strategic partnership now bringing in Exide Life Insurance Company’s offerings into the company’s wide bouquet of products, the company is on the way to becoming a ‘One Point Stop’ for our esteemed customers for all their financial needs.
Muthoot Mini Financiers has seen an increase of 14 percent growth amidst the pandemic making it one of the fastest-growing NBFC companies during this pandemic. The company’s business reports a 25 percent growth in its Assets Under Management as well as a surge in its profit by 44 percent in the previous financial year.
The public issue of the non-convertible debenture to raise funds for business growth of its gold loan and microfinance activities in Sept 2020, the base issue size of which was RS 100 crores, with an option to retain oversubscription of rupees hundred crores received a good response resulting in a collection of over Rs 150 crores within a short span of sixteen days.
