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 home loan segment, the primary revenue driver for Andromeda, surged to approximately ₹33,918 crore in FY24, up by over 22% from ₹27,798 crore in FY23. This growth was fueled by a positive economic outlook, digitalization, faster approvals, and increased availability and flexibility.
The Loan against Property distribution also experienced a notable increase of 10.33%, hovering around ₹24,776 crores, up from ₹22,456 crores in the preceding year. Business loans witnessed a surge of approximately 32%, rising from ₹5,255 crores in FY23 to ₹6,927 crores in FY24.
Andromeda’s overall loan portfolio witnessed exponential growth, increasing nearly fivefold from ₹15,333 crore in FY 2018-19 to ₹75,397 crore in FY24, across all segments. Notably, the affordable housing loan sector saw a significant surge in the second half of the current fiscal year, accompanied by high-ticket-size demand for personal loans from salaried employees.
Raoul Kapoor, Co-CEO of Andromeda Sales and Distribution Pvt Ltd, attributed the growth to the company’s heavy reliance on technology to manage a robust agent base of over 25,000, which is poised to increase significantly.
Andromeda aims to strengthen its presence by expanding its branch network nationwide, increasing the number of agents across India, and expanding its reach to tier 2 and tier 3 cities. The company’s long-term goal is to offer financial services products tailored to the diverse needs of customers across the country.
Established in 1991, Andromeda has evolved into India’s largest loan distribution firm, with a diverse loan portfolio that includes home loans, loans against property, personal loans, business loans, and other loan products. Apart from loans, Andromeda, via its group companies, is also involved in insurance and mutual fund distribution, aiming to provide a one-stop shop for financial services products.
