Chennai-based Shrinithi Capital aims to double AUM to Rs 600 cr by 2024

Shrinithi Capital Pvt Ltd engaged in commercial vehicle and two-wheeler loans aims to double its total assets under management to Rs 600 crore by 2024, a top official said on Saturday.

The Chennai-headquartered firm currently has assets under management of Rs 300 crore.

Under its expansion drive, Shrinithi Capital Pvt Ltd has planned to strengthen foot prints in southern parts of the country.

"Shrinithi's rapid ascent in the industry, coupled with exemplary collection figures even during challenging times, has garnered attention across the sector. As part of our expansion process, we plan to open 30 more branches in South India and aim to double our AUM from Rs 300 crore to Rs 600 crore by 2024," company managing director and CEO S Sellamani said in a statement.

The company today tied up with ESAF Small Finance Bank to offer a business correspondent facility.

Sellamani and ESAF Small Finance Bank executive vice president Hari Velloor exchanged documents as part of the tie-up between the two entities.

"Our partnership with ESAF Small Finance Bank aligns with our expansion goals, as we plan to disburse loans to small truck transporters and owners cum drivers, particularly focusing on customers at the bottom of the pyramid who face challenges in securing loans with traditional banks and NBFCs," he said.

Under the expansion plan, Shrinithi Capital aims to increase its branch network from 50 to 80, extending operations to Kerala, Andhra Pradesh, and Karnataka, the statement added.