Shrinithi Capital Joining Hands with Shriram Finance Ltd. to Expand their Micro Loans Business
Dec 18, 2023
NewsVoir
Chennai (Tamil Nadu) [India], December 18: Shrinithi Capital Pvt. Ltd., headquartered in Chennai and specializing in commercial vehicle and two-wheeler loans, proudly announces its recent collaboration as a Revenue Sharing Partner with Shriram Finance Ltd., a leading NBFC in India. This agreement has signed by S. Sellamani Founder & CEO of Shrinithi Capital and Simon Mahendran, Chief Business Head - Partnership Business, Shriram Finance Ltd. in Chennai.
Established in 2019, Shrinithi Capital Pvt. Ltd. swiftly commenced operations in 2020, achieving an impressive asset under management of 304.53 crores within a short timeframe. With a network spanning 50 branches and a dedicated team of over 600 employees, Shrinithi Capital has emerged as a key player in the financial services sector.
As part of its expansion strategy, Shrinithi Capital aims to increase its branch network from 50 to 80, extending operations to Kerala, Andhra Pradesh, and Karnataka. It is noteworthy that recently Shrinithi Capital opened their new regional office in Coimbatore. At present Shrinithi Capital has 5 branch offices in Coimbatore. Shrinithi Capital plans to open 5 more new branches in and around Coimbatore under this newly opened regional office.
S. Sellamani, CEO & MD, Shrinithi Capital Pvt. Ltd. said, "We are delighted to announce our business partnership with Shriram Finance Ltd. With this new business partnership, Shrinithi Capital is embarking on a new chapter in the micro business loan sector. Through this business partnership, small shop owners, small traders, self-employed people and many marginalized business segments are given access to business loans. This leads to the development of their economic status and increase in the commercial revenue of the region. We are expecting an annual business turnover of Rs. 300 crores in micro business loan segment through this partnership."
Shrinithi Capital Private Limited founded by S. Sellamani, a seasoned loan expert from Chennai, Tamil Nadu. The company was incorporated under the provisions of Companies Act, 2013 on 24th day of September, 2019 with the Registrar of Companies, Chennai Tamil Nadu. The Main objective of the Company is to engage in Business of financial services. To extend finance to people of all strata to purchase all kinds of Vehicles, Construction equipment, Farm Equipment and extend finance for the working capital needs. Currently Shrinithi Capital has 51 branches and 600 employees in India. The company aims to open 30 more branches across South India.
Shriram is a pioneer in the NBFC Industry with a strong rural presence. The Shriram Finance Limited is one of the India's leading NBFCs, with 7.71 million (as on September 30, 2023) private and corporate customers across India. Shriram's customers benefit from a broad range of diverse product portfolio: Fixed Deposits, Fixed Investment Plan, Commercial Vehicle Loans, Passenger Vehicle Loans, Construction Equipment Loans, Farm Equipment Loans, Two-Wheeler Loans, Gold Loans, MSME Finance and Personal Loans.
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