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.

Business area of the company

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.

Products of the company

• Gold Loan
• Online Gold Loan
• Vehicle Loan
• Two Wheeler Finance
• Balance Transfer and Top-up
• Business Loan
• Home Improvement Loan
• Housing Loan
• Loan to Salaried Employees
• Property Loan
• Forex & Money Transfer
• Corporate Loans
• MAkash - Digital Wallet
• Other Services
• Business Associates
• Co-lending Arrangements
• Income Generating Loan

Awards and Accolades

• 2015: Golden Peacock Awards for CSR-Special Commendation January 2015 Given by Institute of Directors in Mumbai.
• 2015: Best Gold Loan NBFC December 2015 Given by Gems & Jewellery Trade Council of India in Ahmedabad.
• 2016: CNBC Asia Business Leaders Award 2016 November 2016 Shortlisted by CNBC in Jakarta (Indonesia).
• 2017: Best NBFC for Gold Loan Business March 2017 Given by Indian Bullion Jewellers Association (IBJA) in Mumbai.
• 2018: India’s Most Valuable CEOs May 2018 Issued in Business World magazine.
• 2018: Finalists at the EY Entrepreneur of the Year Awards 2017 February 2018 Given by EY in Mumbai.
• 2019: NBFC - Excellence in Innovations Award February 2019 Given by Dhanam Magazine in Ernakulam.
• 2019: Businessman of the Year Award January 2019 Given by State Forum of Bankers Club in Ernakulam.
• 2022: Manappuram Finance CFO Ms Bindu A L was adjudged as a Leading Woman CFO of the Year 2022 by CII at its CFO Excellence Awards at the Taj Coromandel, Chennai.
• 2023: Quantic India’s 4th BFSI Excellence Award - Best Skill Development Initiative of the Year, for Manappuram finance skill development initiatives. (October 2023).
• 2023: Unique Times - Excellence Award for Excellence in Financial Management, for Bindu A L, CFO and President, Manappuram Finance. (April 2023).
• 2023: Women Executive Director at the 3rd Women Director’s Conclave 2023 at BSE - Jury Special Award for Dr Sumitha Nandan Executive Director of Manappuram Finance. (December 2023).
• 2024: Mint BFSI Summit and Awards - Best mid-size NBFC Award. (January 2024).
• 2024: Economic Times CSR Award 2024: Manappuram Foundation (The implementing agency of the company) received the Economic Times CSR Award at a ceremony held in New Delhi. The award was received as an acknowledgment to the Foundation’s commitment to community development and sustainability.
• 2025: Exemplary Leadership in CSR – EdelGive Hurun India: VP Nandakumar, MD & CEO of Manappuram Finance Ltd., was honoured with the 2025 EdelGive Hurun India Award for Exemplary Leadership in CSR at the India Philanthropy Summit in Mumbai. The recognition celebrates his role in driving impactful social initiatives through Manappuram Foundation.

Milestones

• 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.