Gold monetisation service provider Dru Gold is foraying into gold loans and expanding footprint to three more southern States.
With gold loans one of the fastest growing segments, the company has decided on the new foray and entered into a partnership with Fincare Small Finance Bank to process the loan services in Telangana and Andhra Pradesh, founder and CEO Akhilesh Agarwal told presspersons on Monday.
On expansion plans, he said Dru Gold, which now provides gold monetisation services through 20 branches across Telangana and Andhra Pradesh, plans to set up 50 branches in Karnataka, Tamil Nadu, Kerala and parts of Maharashtra by 2023-24. The company estimates the investment on the network expansion to be ₹10 crore. It plans to launch gold monetisation services as well and gold loans in the three States soon. The firm is also evaluating prospects of foraying into Indonesia, Bangladesh and Thailand.
To queries, COO Pinak Mitra said the company is targetting to disburse ₹350-400 crore gold loans this fiscal.
