Chennai headquartered Shrinithi Capital Pvt Ltd that commenced its business last year and primarily focusses on commercial vehicle and two-wheeler loans has raised ₹300 crore as co-lending facility from IndoStar Capital Finance Ltd.
“We have witnessed the tremendous growth of Shrinithi Capital over the last few years. We strongly believe that the company has the fundamentals right to become one of the strongest players in the industry. As the first phase of this merger, we are currently in the process of concluding a co-lending facility which is worth ₹300 crore. We look forward to investing more in this sector in the years to come,” said Deep Jaggi, CEO, IndoStar Capital Finance Ltd, engaged in providing structured term financing solutions to corporates, used and new vehicle financing for transporters, and SME and home loans. Within a short span of time, Shrinithi Capital has built asset under management of ₹135.53 crore. It has a branch network of 25 locations and manpower of over 300 employees. It already has lending partnerships with Hinduja Leyland Finance Ltd and Deccan Finance Ltd
Shrinithi’s quick growth to this level in the middle of a pandemic, with equally efficient best in industry collection figures, where even seasoned players were struggling to build and sustain a portfolio, caught the eye of the entire industry, claimed Sellamani, CEO of the company.
The plan is to disburse ₹400 crore in 2022 to small truck transporters, owner-cum-drivers especially to the low-profile customers, who are unable to take loans. “We have planned to increase our network to 50, expanding operations in Puducherry, Kerala, AP and Karnataka,” he said.