Kerala is witnessing a strong surge of homegrown companies preparing to enter the capital markets, signalling a new phase of growth for the state’s business ecosystem. Enterprises across sectors such as vertical SaaS, gold loans, spices, diagnostics and real estate are lining up initial public offerings worth an estimated ₹10,000–12,000 crore over the next one to five years.
Among the companies planning IPOs are IBS Software, Indel Money, Synthite Industries, DentCare and Veegaland Developers. Together, these listings are expected to bring significant long-term capital into Kerala-based businesses. Companies such as Agappe Diagnostics and SFO Technologies are also preparing for public listings in the coming years.
Indel Money is aiming to become Kerala’s first pure-play gold loan NBFC to go public since 1995. The company plans a ₹3,000 crore issue, aligned with its strategy to expand assets under management while retaining a strong focus on gold loans.
This new IPO pipeline reflects a shift in Kerala’s corporate landscape—from regionally focused businesses to professionally managed, scalable enterprises ready for national and global markets.
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Technology has moved from the back office to the core of business strategy in the banking, financial services, and insurance (BFSI) sector, according to KNC Nair, Chief Information Officer of Indel Money. In a recent interview, Nair highlighted how data and digital systems now play a decisive role in driving growth, managing risk, and building customer trust.
Nair noted that the role of the CIO has evolved significantly over the years. Once seen largely as a support function, the position has become a key business leadership role, closely aligned with operations, compliance, and long-term strategy.
Indel Money’s own transformation mirrors this shift. Originally a branch-led gold loan company, the NBFC has transitioned into a largely paperless, digital-first organisation. Today, the entire customer lifecycle—from onboarding and gold appraisal to loan servicing and closure—is handled through digital platforms. Customer identity verification is carried out using Aadhaar- and PAN-based eKYC, while almost all transactions are processed through banking channels, bringing cash usage down to near zero.
Regulatory compliance and data protection form a critical part of Indel Money’s digital framework. The company adheres to Reserve Bank of India guidelines and the Digital Personal Data Protection (DPDP) Act, supported by robust access controls, regular security audits, and systems that allow granular control of customer data.
Looking ahead, Indel Money is adopting a modern, API-driven technology architecture to enable co-lending models and partnerships with banks and other financial institutions. The company is also selectively deploying artificial intelligence across functions such as gold appraisal assistance, fraud detection, credit evaluation, and branch-level security.
According to Nair, technology at Indel Money is no longer a supporting layer but the foundation of the organisation’s operations. In a highly regulated financial environment, he said, digital systems are essential for ensuring trust, effective risk management, and sustainable business growth.
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Indel Corporation is proud to share that we were recently recognized by the Palakkad Police for our continued social responsibility efforts and community-focused initiatives. This honour reflects our longstanding commitment to supporting public welfare, promoting safety awareness, and contributing positively to society.
We extend our sincere gratitude to the Palakkad Police for this recognition and remain dedicated to driving meaningful impact through our initiatives.
