Shrinithi Capital & Shriram Finance team to expand their micro loans business
By Gloria Mathias
Shrinithi Capital, headquartered in Chennai, India, and specialising in commercial vehicle and two-wheeler loans, has announced its collaboration as a revenue-sharing partner with Shriram Finance, an NBFC in India.
This agreement has been signed by Sellamani Founder and CEO of Shrinithi Capital and Simon Mahendran, Chief Business Head of Partnership Business, Shriram Finance Ltd.
Established in 2019, Shrinithi Capital commenced operations in 2020, achieving an asset under management of 304.53 crores within a short timeframe. With a network spanning 50 branches and a team of over 600 employees, Shrinithi Capital has emerged 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 Shrinithi Capital recently opened its new regional office in Coimbatore. At present, Shrinithi Capital has 5 branch offices in Coimbatore. Shrinithi Capital plans to open five more new branches in and around Coimbatore under this newly opened regional office.
Sellamani, CEO & MD, Shrinithi Capital 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 marginalised business segments are given access to business loans. This leads to the development of their economic status and an increase in the commercial revenue of the region. We are expecting an annual business turnover of Rs. 300 crores in the microbusiness loan segment through this partnership.”
Shrinithi Capital was founded by Mr. S. Sellamani. The main objective of the company is to engage in the business of financial services. To extend finance to people of all strata to purchase all kinds of vehicles, construction equipment, and farm equipment, and to extend finance for their working capital needs.
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