Muthoot Microfin expands into Telangana, plans entry into Andhra Pradesh by June

Muthoot Microfin has announced its entry in Telangana while it is in the process of foraying into Andhra Pradesh by June.

The Kerala-based non-banking finance company-microfinance institution (NBFC-MFI) is planning to open four branches in Telangana this month.

"In line with our growth strategy of increasing our distribution network and acquiring new customers, we will further expand our operations in Telangana. Soon, we will be entering Andhra Pradesh as well," chief executive Sadaf Sayeed said.


"We maintain a rigorous market analysis approach, ensuring thorough assessments of new geographies," added.

The branches in Telengana will be in Bhuvanagiri, Jangaon, Hanmakonda and Parakala.

Muthoot Microfin, a part of Muthoot Pappachan Group, provides financial assistance through income generating microloans to women engaged in small businesses such as tailoring, vegetable vending, running tea-shop among others.

The lender has 3.28 million active customers served through 1,424 branches spread across 18 states at present.