IKF Finance AUM crosses Rs 2,000 cr

Hyderabad: IKF Finance, India's prominent Non-Banking Finance Company (NBFC) announced that its Assets under Management (AUM) crossed Rs 2,000 crore. It has set plans to scale up the AUM to more than Rs 6,000 crore in the next three years leveraging on technology and distribution network.

The Hyderabad-headquartered company has developed strong competencies in the loan origination and underwriting of underbanked and underserved segments. With the push from Reserve Bank to NBFCs, the sector has accelerated and has been able to cater to the last mile funding.

On the occasion, VGK Prasad, Founder & Chairman of IKF Group, said: "The company has a diverse liability franchise with limits from all PSU banks and financial institutions. Leveraging the co-lending partnership with Bank of India and ICICI Bank, we will also target customers from tier II & III cities."

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. Its Managing Director K Vasumathi Devi says IKF Finance is set to be a one-stop platform for all vehicle financing needs for the under-served.

She said, "We have been providing our services to the under-served segment to meet their financial needs. IKF reported a profit after tax (PAT) of Rs 40 crore in FY22 as against Rs 32 crore during FY21."