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The Assets under Management (AUM) of IKF Finance have crossed Rs 2,000 crore with a diverse profile of customers.
”The company has developed strong competencies in the loan origination and underwriting of underbanked and underserved segments,’‘ V. G. K. Prasad, Founder and Chairman, IKF Group, told newspersons here on Tuesday.
Leveraging the co-lending partnership with Bank of India and ICICI Bank, IKF Finance would also target customers from tier-II and tier-III cities, he added.
K. Vasumathi Devi, Managing Director, said the company aims to scale up to more than Rs 6,000 crore AUM in the next few years, leveraging on its technology and distribution network.
According to Rama Raju, Chief Executive Officer, the NBFC has a vertically integrated business model and offers several products including pre-owned commercial vehicles, construction equipment, pre-owned cars, new commercial vehicle financing, and loans such as Tractors and Small & Medium Enterprise loans.
During FY22, IKF reported a net profit of Rs 40 crore as against Rs 32 crore during the previous year.
The Hyderabad-based IKF Finance has a presence in nine states, with 113 branches across India, and has served more than 2,00,000 customers. It plans to recruit over 1,000 as part of its expansion plans in the next few years.
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