Andromeda Sales & Distribution, India's leading loan distribution network, has revealed its strategic move into the Middle East, driven by its outstanding domestic performance. The company saw a 23% increase in loan disbursals, totaling $9,048 million in the financial year 2023-24. This growth was largely fueled by the home loan sector, which grew by over 22% to reach approximately $4,070 million in FY24, up from $3,336 million in FY23. The Loan Against Property (LAP) sector also saw significant growth, with disbursements increasing to $2,973 million, a 10.33% rise from the previous year's $2,695 million. These figures highlight Andromeda's strong performance and reinforce its status as India's largest loan distribution network.
Founded in 1991, Andromeda has transformed from being a Direct Sales Associate for Citibank to a diversified financial services provider. Its portfolio includes home loans, loans against property, personal loans, business loans, and other financial products. Additionally, Andromeda, through its group companies, is engaged in the distribution of insurance and mutual funds. Building on its domestic success, Andromeda is now expanding into the Middle East in partnership with Wealth Link Solutions. This strategic collaboration aims to cater to the home loan needs of the substantial Non-Resident Indian (NRI) population in the region, estimated at around 9.55 million.
Sandeep Lalwani, Director of Andromeda, commented, "Our exceptional domestic performance has paved the way for exploring new opportunities. The Middle East, with its large NRI community, offers a promising market for our home loan services. In association with Wealth Link Solutions, we are eager to extend our expertise in home loan distribution to NRIs in the UAE, Saudi Arabia, Kuwait, Oman, and Qatar, assisting them in achieving their financial goals with customized solutions." Neelam Verma, CEO and Co-Founder of Wealth Link Solutions, expressed her excitement for the partnership: "We are excited to collaborate with Andromeda, leveraging our deep understanding of the Middle Eastern market and our strong connections within the NRI community. This partnership will enable us to offer NRIs the best home loan options, ensuring they have the financial support needed to invest in properties back in India." Fatima Qasimi, Managing Director and Co-Founder of Wealth Link Solutions, added, "NRIs in the Middle East often encounter difficulties when securing home loans for properties in India. Our collaboration with Andromeda aims to streamline this process, providing easy access to tailored home loan solutions, competitive rates, and efficient service. We are thrilled to make property investment in India more accessible and convenient for our NRI clients."
Andromeda's extensive reach in India is further highlighted by its impressive network: over 4,000 employees, more than 450 branch locations, and an agent network comprising over 25,000 agents. This extensive presence underscores Andromeda's ability to deliver top-notch home loan services to a wider audience.
