Andromeda Sales and Distribution, India’s leading loan distribution network, witnessed remarkable growth in its loan disbursal business during the Financial Year (FY) 2023-24. The loans disbursal soared by over 23% to touch ₹75,397 crore, driven primarily by the stellar performance of the home loan segment. The home loan business surged to approximately ₹33,918 crore in FY24, up by over 22% from ₹27,798 crore in FY23.

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In FY24, the Loan against Property distribution hovered around ₹24,776 crores, an increase of 10.33% from the preceding year’s ₹22,456 crores. Meanwhile, business loans experienced a notable surge of approximately 32%, rising from ₹5,255 crores in FY23 to ₹6,927 crores in FY24. Moreover, there was a substantial increase observed in the personal loan and other loan segments as well.

Home loans and loans against property are the primary revenue drivers for Andromeda. According to Raoul Kapoor, Co-CEO of Andromeda Sales and Distribution Pvt Ltd, “Despite a 50-bps increase in interest rates, the demand for home loans continues to grow, buoyed by a positive economic outlook. Digitalization, faster approvals, and increased availability and flexibility have fueled higher demand for personal loans.”

Andromeda’s loan portfolio witnesses exponential growth

Andromeda’s loan portfolio has witnessed exponential growth, increasing nearly fivefold from ₹15,333 crore in FY 2018-19 to ₹75,397 crore in the fiscal year ending March 2024, across all segments. A significant surge has been observed in the affordable housing loan sector in the second half of the current fiscal year, accompanied by a high-ticket-size demand in personal loans from salaried employees.

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Andromeda has expanded its presence nationwide by establishing numerous new branches across the country. With a presence in over 100 towns and cities, the company has ambitious expansion plans. During the fiscal year ended March 2024, the company expanded its branch network to 470 branches from about 350 in the preceding year. Andromeda aims to further increase the number of branches substantially in the current financial year.

The launch of the OneAndro App marks a notable achievement for Andromeda. It offers a range of benefits for lenders and the Andro sales team, including simplified agent onboarding processes and quick disbursals across various product categories. This initiative aims to streamline financial processes and enhance the customer experience.

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Kapoor emphasized the company’s heavy reliance on technology to manage a robust agent base of over 25,000, which is set to increase significantly. He expressed confidence in the current fiscal year, anticipating a decrease in interest rates as inflation is likely to ease. Looking ahead, Kapoor anticipates growth in the number of agents across India, increase in disbursals across multiple products, expansion of branches nationwide, and increased reach to tier 2 and tier 3 cities.

Aramco Digital, the digital and technology subsidiary of Aramco, and global technology consulting and digital solutions company LTIMindtree have signed a shareholders’ agreement to create an IT services company in the Kingdom of Saudi Arabia. The prospective company would showcase innovation in action, including disruptive digital services, and transformative industry 4.0 systems integration capabilities. This collaboration is expected to support the Kingdom’s Vision 2030 by creating highly skilled jobs for Saudis in this sector.

The joint venture is being formed under the Aramco Namaat Industrial Investments Program. Sudhir Chaturvedi, President and Executive Board Member, LTIMindtree said, “LTIMindtree is fully aligned with the Saudi Vision 2030. We are pleased to have been selected as the trusted partner for the joint venture. KSA and MENA are amongst the fastest growing regions globally in the adoption of new technologies. We are committed to delivering new technology-led growth to the region. With Aramco Digital, we will bring our global capabilities and expertise and leverage new technologies to deliver digital transformation suitable for giga projects, the government sector, high growth industries, energy, manufacturing, and the financial services sector.”

Nabil Al Nuaim, Aramco Senior Vice President of Digital and Information Technology and a board member of Aramco Digital, said, “This is a pivotal partnership effort to leverage the power of digital transformation and unlock unprecedented opportunities for innovation and sustainability in the region. The joint venture aims to foster the localization of the IT services vital sector, create valuable jobs, and pave the way for a brighter future in the Kingdom.”

Aramco Digital CEO, Tareq Amin said, “We are excited about this collaboration, which will align with Aramco Digital’s solutions offerings, which capitalize on high demand for customized and scalable solutions. The powerful combination of Aramco Digital’s business, coupled with LTIMindtree’s deep engineering capabilities and customer experience solutions, has the potential to unlock tremendous value for the region. It reinforces our joint efforts to support Vision 2030 and deliver world-class and sustainable value to our customers and employees, while working toward creating local jobs and expertise with a competitive edge.”