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Godrej Capital is forming a strategic gold loan co-lending partnership with specialized gold loan NBFC Indel Money.

The partnership targets an initial co-lending book size of ₹200 crore. Godrej Capital will retain 80% of the loan exposure on its balance sheet, while Indel Money will hold the remaining 20%.

Rs 200 croreGodrej Capital & Indel Money

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Godrej Capital is set to enter into a co-lending partnership with gold loan-focused NBFC Indel Money, with the lenders planning to start with a Rs 200 crore book, three people aware of the development told ETBFSI. The lending is expected to begin this quarter as the two NBFCs work on technology integration.


The alliance marks a key expansion step for Godrej Capital following its recent acquisition of Kanakadurga Finance’s gold loan business, accelerating its long-term roadmap toward an Assets Under Management (AUM) target of ₹1 lakh crore by 2031.


The partnership highlights three primary operational advantages:


Capital-Efficient AUM Growth: Godrej Capital deploys primary liquidity into high-yield, collateralized gold assets (~18% yields) without incurring physical branch setup and real estate overheads.


Monetizing Branch Density: Indel Money multiplies its origination capacity and earns fee income by leveraging Godrej’s balance sheet across its established branch network.


Tech-Driven Syndication: Direct API integration enables real-time loan underwriting and automated risk split, eliminating traditional manual loan syndication friction.

In the Indian non-bank financial sector, co-lending is maturing beyond traditional bank-NBFC models into strategic NBFC-to-NBFC partnerships.


Pairing specialized physical branch networks with large institutional balance sheets allows non-bank lenders to scale retail credit distribution efficiently while preserving disciplined 80:20 risk sharing.

Why it matters

 NBFC-to-NBFC partnerships.


Sources

Finsamudra Desk17 Aug 2026, 4:10 pm IST
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