Chennai-headquartered Shrinithi Capital Pvt Ltd, which provides commercial vehicle and two-wheeler loans, plans to open 30 more branches in South India and aims to double its AUM (assets under management) from ₹300 crore to ₹600 crore by 2024.
The company said it has entered into a Business Correspondent agreement with ESAF Small Finance Bank Ltd to expand its assets under management and geographical presence.
“Our partnership with ESAF Small Finance Bank aligns with our expansion goals, as we plan to disburse loans to small truck transporters and owner-cum-drivers, particularly focusing on customers at the bottom of the pyramid who face challenges in securing loans from traditional banks and leading NBFCs,” said S Sellamani, MD & CEO of Shrinithi Capital
With the proposed addition of 30 new branches, its total branch network will expand to 80, extending operations to Kerala, Andhra Pradesh and Karnataka.
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Commenced operations in 2020, Shrinithi Capital has achieved an asset under management of ₹304.53 crore within a short period, supported by partnerships with Hinduja Leyland Finance Ltd, Shriram Finance Ltd, and Tata Capital Ltd.
Sellamani has two decades of lending experience in the niche area of used and new commercial vehicles. The company employs about 600 people.