Manappuram Finance Limited, previously known as Manappuram General Finance and Leasing Ltd, is a publicly traded Indian non-banking financial company (NSE: MANAPPURAM, BSE: 531213). Established in 1949, its headquarters are in Valapad, Thrissur, Kerala. Over the years, the company has expanded its offering portfolio to include gold loans, forex services, money transfers, and commercial vehicle financing. As of the fiscal year 2023, Manappuram Finance reported a revenue of ₹6,749 crore (approximately US$810 million) and a net income of ₹1,495 crore (around US$180 million). The organization employs approximately 17,500 people and operates over 4,190 branches across 25 Indian states, as noted on their website www.manappuram.com.

History

Manappuram Finance was founded by V. C. Padmanabhan in 1949 in the Thrissur district. The company started with modest money lending operations in Valappad. Its flagship company, Manappuram General Finance and Leasing (MAGFIL), was launched in 1992 following India's economic reforms. Initially focused on pawnbroking and modest-scale money lending, the company's scope expanded significantly through strategic acquisitions. In 2014, it acquired Delhi-based Milestone Home Finance Company, later rebranded as Manappuram Home Finance. In 2015, it further expanded by acquiring Chennai-based Asirvad Microfinance.

Controversies

In February 2012, the Reserve Bank of India (RBI) cautioned the public against placing deposits with Manappuram Finance. In response, the company proactively complied with RBI's concerns, establishing an independent review committee chaired by Jagdish Capoor, former Deputy Governor of RBI and ex-Chairman of HDFC Bank, to scrutinize the company's operations, systems, and organizational structure to enhance efficiency and governance.