Manappuram Finance (MAFIL) is a prominent non-banking financial Company (NBFC) in India, headquartered in Valapad, Thrissur, Kerala. Established in 1949, the company began as a modest money-lending operation. Over the decades, it has evolved into a diversified financial services provider, offering products including gold loans, microfinance, housing finance, vehicle loans, and SME financing. The balanced portfolio underscores the company’s commitment to catering to diverse financial needs across various customer segments.
The company is the second-largest gold loan provider in the country with a trusted and nationwide reach. The company is the pioneer in offering online gold loan services through ‘OGL’ product and cellular vaulting mechanism, enabling customers to avail loans 24x7 with minimal documentation from anywhere in the world. The company’s mobile application is available in different regional languages to cater to all sections of society and regions of the country.
Manappuram Finance stands as one of India’s leading non-banking financial companies (NBFCs), known for its commitment to empowering the underbanked through accessible, transparent, and responsible financial services. The company is engaged in providing a wide range of fund-based and fee-based financial services, including gold loans, financing commercial vehicles, passenger vehicles, construction equipment, farm equipment, micro, small and medium enterprises, two-wheelers, and personal loans and foreign exchange services.
1992: Manappuram Finance Limited (MFL) was incorporated with registered office at Thrissur to conduct the business of financial services, especially leasing and hire purchase
1994: Paid maiden dividend in the very first full year of operations (1994) and has maintained a track record of uninterrupted dividend payouts thereafter
1995: First NBFC from Kerala to go for a credit rating exercise. ICRA assigns rating of MA to its fixed deposit programme
1995: Approaches the capital market with its first Public Issue of shares for Rs 1.75 crore. The shares are listed on the Bombay, Madras and Cochin stock exchanges
1996: First NBFC in Kerala permitted by the RBI to accept deposits from the public without restrictions on the limit. The Company is also permitted to set its own interest rates
1998: Becomes the first NBFC in Kerala to be given a Certificate of Registration by the RBI
1998: A major policy change sees MFL shifting its focus to gold loans
2002: Commences foreign exchange business with moneychanger’s licence from the RBI. [Later, in 2007, it becomes first NBFC from Kerala to receive AD - II (Authorised Dealer - II) Licence from RBI]. The registered office is shifted to Valapad, Kerala
2003: Manappuram Finance (Tamil Nadu) Ltd. (MAFIT) was established with a registered office in Coimbatore, consequent upon the takeover of Sterling Gem Finance Pvt. Ltd. MAFIT was later merged with MAGFIL w.e.f. April 1, 2008
2003: Declared Rights issue
2005: Attracted institutional funding for the first time, when ICICI Bank sanctioned working capital facility of Rs 25 crore under a ‘bilateral assignment’ model. Hitherto, MFL had been largely dependent on deposits from the public
2006: Singapore government-owned investment fund Fullerton India/Temasek enters the picture with initial sanction of a credit limit of Rs 50 crore to MFL. Within a year, the limits are enhanced to Rs 475 crore.
2007: First NBFC in Kerala to receive foreign institutional investment with Sequoia Capital and Hudson Equity Holdings investing Rs 70 crore
2007: First NBFC from Kerala to issue bonus shares in the ratio of 1:1
2008: Total business volumes of MAGFIL cross the Rs 1,000 crore milestone
2008: More FIIs come in and Company raises Rs 70.75 crore
2009: Manappuram Foundation established at Valapad in order to further the CSR mission of the Manappuram Group. The first initiative of the Foundation is “Janaraksha Manappuram Soujanya Arogya Insurance Scheme” providing free health insurance to 20,000 BPL families (covering over one lakh beneficiaries) in the seven panchayats of Nattika assembly constituency.
2010: Declared 1:1 bonus issue for second time
2010: Total business volumes crossed Rs 5,000 crore
2010: Raised Rs 245 crore through the QIP route
2010: Opens its 1001st Branch at Thrissur town
2010: Superstars Mohanlal, Vikram, Venkatesh, Puneeth Rajkumar and Akshay Kumar among others becomes Manappuram’s brand ambassadors
2010: Raised additional capital of Rs 1,000 crore from FIIs (through QIP)
2010: Stock split: Equity share of face value of ` 10/- split into 5 shares of face value of Rs 2/- each
2011: Assets under Management (AUM) records threefold growth to Rs 7,549 crore
2011: Adopts a new name, Manappuram Finance Ltd., in place of the earlier name Manappuram General
Finance and Leasing Ltd
2011: Declared 1:1 bonus issue for the third time
2012: AUM crosses Rs 10,000 crore
2012: RBI tightens regulations, stipulates cap on LTV not to exceed 60%
2012: Branch Network reaches 2,908, with more than 850 branches added in FY 2012
2013: RBI issued key guidelines to bring stability to gold lending business, increases LTV for gold loans to 75%
2014: Pioneered the introduction of shorter tenure loans product (3 to 9 months) with lower LTV for longer tenure loans
2014: Acquired full ownership of Milestone Home Finance Private Limited from Jaypee Hotels Limited. Name changed to Manappuram Home Finance Private Limited
2014: Equity shares of the Company listed on the NSE (Listed on BSE in 1995)
2015: Diversified into Home Loans and Commercial Vehicle finance
2015: Acquired the Chennai based MFI, Asirvad Microfinance Pvt. Ltd.
2015: Introduced online gold loan (OGL) in October becoming the first in the Industry to do so
2015: Celebrated 20 years of listing on the BSE with ceremonial ringing of the closing bell by Mr. V.P. Nandakumar and Mrs. Sushama Nandakumar (joint promoters of the Company) on November 6
2015: Altered object clause in Memorandum of Association to incorporate diversified business activities
2016: V.P. Nandakumar, MD & CEO, is one of a select few from India to be shortlisted for the CNBC Asia Business Leaders Award 2016 held at Jakarta, Indonesia, on November 23
2016: Acquired 100% ownership of Manappuram Insurance Brokers Private Limited
2017: Awarded ‘Best NBFC for Gold Loan Business’ from the India Bullion Jewellery Association (IBJA), Mumbai, on March 16 at Mumbai
2017: Co-branded Pre-paid Money Card in tie up with YES Bank and the MaKash e-Wallet launched on April 15
2017: The Company’s shares are included in the derivative segment (futures & options) at NSE, effective June 30
2017-18: Overall, gold loan AUM grew 55% and disbursements grew 18.5% during the year.
2017-18: The company’s strategy of de-linking gold prices with its gold loan business is paying rich dividends as reflected in the sound credit quality of its gold loans.
2018-19: Manappuram Insurance Brokers inaugurated new corporate office in Valapad, Thrissur
2018-19: Launched rising stars campaign to motivate employees and reward best performers
2018-19: Inaugurated a new office in Chandapady, Valapad spread over 3,691 sq. feet for the teams of Audit, Manappuram Foundation and other departments
2018-19: Asirvad Microfinance enters the North East region
- 2019: Manappuram Finance secures Rs 695 crore funding from NABARD.
- 2023: Manappuram Finance launches digital money lending app.
- 2024: Manappuram Finance gets nod for fund-raising program for FY 2024-25.
- 2025: Manappuram Finance has secured its Board’s approval to invest up to Rs 250 crore in equity shares of the company’s subsidiary -- Asirvad Micro Finance (AMFL) in single/ different tranches.
- 2026: Bain Capital gets RBI’s nod to acquire joint control of Manappuram Finance.
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