VMPL
New Delhi [India], August 5: Today, Manappuram Finance stands as a leading NBFC with an Asset Under Management (AUM) of Rs42,070 crore, serving an extensive customer base across India. The company offers a variety of financial products, including personal loans, business loans, and vehicle loans, in addition to its core gold loan business," highlights V.P. Nandakumar
Manappuram Finance Ltd, a distinguished non-banking financial company (NBFC), is celebrating its 75th anniversary this year. Originating from the village of Valapad in Kerala's Thrissur district, Manappuram Finance was established in 1949 by the late V.C. Padmanabhan, with a vision to provide financial assistance to local villagers. Under the leadership of his son, V.P. Nandakumar, who serves as the Managing Director and CEO, the company has reached remarkable heights. Reflecting on the 75-year journey, Nandakumar expresses heartfelt gratitude to his team for their dedication and support.
"Our journey of 75 years is a testament to the resilience, innovation, and unwavering commitment of our team. We have grown from a small village establishment to a significant player in the financial sector, touching countless lives through our services," V.P. Nandakumar says.
Reflecting on Manappuram Finance's Ethos
Manappuram Finance's success is deeply rooted in its philosophy of financial inclusion, ensuring that financial resources are accessible to all to reduce economic disparities. This commitment to inclusivity has propelled the company to the forefront of the gold loan sector, forming the cornerstone of its enduring legacy. Following the passing of V.C. Padmanabhan in 1986, Nandakumar assumed leadership and swiftly transformed Manappuram Finance into a major NBFC in India.
"In 1995, the company achieved a historic milestone by becoming the first gold loan company in India to list on the Bombay Stock Exchange (BSE) with an Initial Public Offering (IPO). This pioneering step catalyzed substantial business growth and set the stage for future expansions," mentions V.P. Nandakumar. Continuing further, Nandakumar adds, "Our vision is to become the preferred financial services partner for the masses in India; Addressing the comprehensive credit needs of the Indians and contributing to a financially inclusive society where every citizen has easy access to formal financial channels."
Key Highlights of the Company
A notable milestone in Manappuram Finance's journey was the acquisition of Chennai-based Asirvad Microfinance in 2015, marking the company's entry into the micro-banking sector. Manappuram Finance's acquisition of Asirvad Microfinance was a strategic decision to broaden its impact in the microfinance sector and reach a wider range of customers. "This move was aimed at promoting financial inclusion by offering microloans to underserved populations. Additionally, the acquisition enabled Manappuram Finance to diversify its offerings and solidify its status as a comprehensive provider of financial services," comments V.P. Nandakumar.
Beyond its financial achievements, Manappuram Finance is deeply committed to social service activities. The company established the Manappuram Foundation in 2009 to carry out social service projects even before corporate social responsibility (CSR) became a mandatory requirement. One notable initiative, 'Sneha Bhavanam,' provides free housing to those in need to the most deserving in the coastal areas of Thrissur as well as other neigbouring districts. The foundation also supplies medicines and equipment to hospitals and public health centres and has set up Ma Care Clinics to diagnose and manage lifestyle diseases. "Our commitment to social responsibility is as strong as our commitment to financial growth. Through our various initiatives, we aim to give back to the community and support those in need," Nandakumar emphasizes.
As Manappuram Finance celebrates its 75th anniversary, the company's leadership and team look forward to continuing their journey of growth, innovation, and service to the community. The legacy of V.C. Padmanabhan lives on through the company's unwavering dedication to financial inclusion and social responsibility.
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