- Will reach a milestone of 250 branches in Telangana and Andhra Pradesh and 900+ branches across India
India, 24 January 2023: Muthoottu Mini Financiers a.k.a Yellow Muthoottu, one of the leading NBFCs in India, has launched 11 new branches across Telangana and Andhra Pradesh in the second phase of their network expansion. The second phase of inauguration of 11 branches was done by Shri Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers. The company is set to inaugurate 19 additional branches before the end of January 2023. These launches is in line with the company’s geographical expansion plans to reach out to their customers and cater to their financial needs. The launch of the 50 new branches is being rolled out in two phases. The first phase of the launch of 10 branches was done by Mr. P.E. Mathai, Chief Executive Officer, Muthoottu Mini Financiers in December 2022.
With a rich legacy of over 100 years, the Yellow Muthoottu (Muthoottu Mini) 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 of the company’s commitment towards fulfilling the financial needs of the customers in these two states. Muthoottu Mini will reach a milestone of 250 branches in Telangana and Andhra Pradesh with the launch of the 50 new branches, and will have a total number of 900+ branches across India. Each of 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 branch expansion, Mr. Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers said, "Customers have always been the foundation of all of our endeavours. We are dedicated to providing the best services possible to our customers, so that they can meet their financial needs. With the inauguration of these 50 branches in Telangana and Andhra Pradesh, we are prepared to connect with customers in every corner of each of these states. 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, Muthoottu Mini Financiers 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 INR 3Cr and up to INR 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."
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