Chennai headquartered Shrinithi Capital Pvt. Ltd. primarily focussing into commercial vehicle and two-wheeler loans has raised Rs. 300 crore as co- lending facility from IndoStar Capital Finance Ltd.
IndoStar Capital Finance Ltd. is a 10,000 crore net worth company owned by Everstone Capital and Brookfield investment, Canada. has announced about the tie up between Shrinithi and IndoStar in a press conference held at Chennai today.
The agreement was signed by Deep Jaggi, CEO, IndoStar Capital Finance Ltd. and Mr. S. Sellamani, CEO, Shrinithi Capital Pvt. Ltd. Shrinithi Capital Pvt. Ltd. was incorporated in 2019 and commenced Business in 2020 within the short span of time, the organisation boasts the of of 135.53 crores which includes lending partnerships with Hinduja Leyland Finance Ltd. and Deccan finance Ltd.
Shrinithi capital has a branch network of 25 locations and man power of about 300 plus employees. The co-lending tie-up with IndoStar Capital Finance Ltd. is another important milestone of Shrinithi's impressive journey because it gives it the ability to grow its Assets under management which was planned at 400 crores by end 2022.
While talking about the fund raising S. Sellamani, CEO, Shrinithi Capital Pvt. Ltd. said, "Shrinithis' 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. As a part of our expansion plans, now we have joined hands with IndoStar Capital Finance Ltd., through this arrangement Shrinithi Capital Pvt. Ltd. has planned to Disburse 400 Crs in 2022 to small truck transporters, Owner Cum Drivers especially to the low-profile customers who are in the bottom of pyramid, who are unable to take loans from banks and Leading NBFCs. We have planned to increase our branch network from 25 to 50, by expanding our operations in the neighbouring states ie Pondicherry, Kerala, Andhra Pradesh and Karnataka. Shrinithi Capital Pvt. Ltd. is committed to support all the aspiring entrepreneurs at the bottom of the pyramid who are the actual foundation of that ecosystem of transportation."
Deep Jaggi, CEO, IndoStar Capital Finance Ltd. said, "We have witnessed the tremendous growth of Shrinithi Capital Pvt. Ltd. over the last few years. We strongly believe that the company has the fundamentals right to become one of the strongest player in the industry. We are pleased to announce that we are currently affiliated with Shrinithi in an effort to further expand our presence. As the first phase of this merger, we are currently in the process of concluding a co lending facility which is worth of Rs. 300 crores. We look forward to investing more in this sector in the years to come."
Shrinithi Capital Pvt. Ltd. incorporated in 2019 and Obtained NBFC license Issued by RBI on September 2020. Its primary focus is on CV and two-wheeler finance. Its headed by Shri Mr. S. Sellamani who is the MD and CEO and has a rich experience of 20 years of lending in the niche area of used and new CVs.
The advantages that he brings to Shrinithi is his grass root level knowledge of every nook and corner of Tamil Nadu, the team that he was able to get at all levels of hierarchy to start business from day one, the personal rapport and relationship that he enjoys with many CV and business community customers all over the state, and his ability to attract the support of Investors and other large NBFCs and banks to enter into co lending partnerships with Shrinithi.
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IndoStar is a non-banking finance company "NBFC" registered with the Reserve Bank of India as a systemically important non-deposit taking company. We are a professionally managed and institutionally owned organisation engaged in providing structured term financing solutions to corporates, used and new Vehicle Financing for transporters, Home Finance through our wholly owned subsidiary IndoStar Home Finance Private Limited and loans to SME borrowers in India. We have loans to suit your requirements so that your life takes-off. We are committed to finding new ways to develop value-based and innovative financial solutions for our customers.
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( With inputs from ANI )
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