R ARIVANANTHAM
CHENNAI, JAN 12
Chennai-based NBFC, Shrinithi Capital Pvt Ltd on Tuesday announced the raising of Rs 300-crore from the global investment leader IndoStar Capital Finance Limited.
An agreement signed between the two entities on January 8 at Udhagamandalam (Ooty) was officially exchanged by Deep Jaggi, CEO, IndoStar Capital Finance Ltd and S Sellamani, CEO, Shrinithi Capital Pvt. Ltd on Tuesday.
Commenting on the investment from IndoStar, S Sellamani, CEO, Shrinithi Capital Pvt Ltd said, “Shrinithi’s quick growth to this level amidst 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 mulling to disburse Rs 300 crore 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 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 in the near future. We are committed to support all the aspiring entrepreneurs at the bottom of the pyramid who are the actual foundation of that ecosystem of transportation business, the backbone of our economy’.
- Shrinithi Capital Pvt Ltd is focussing on extending loan facilities for commercial vehicle and two-wheeler loans as quickly as possible.
Sellamani added that that Shrinithi believes in one-to-one relationship with the customers. Based on the need of the customers, every loan is customized. Replying to a query, he said that “We never indulge in coercive method to collect payment of arrears from defaulters instead we extend working capital to those really in difficulty and collect the arrears later.”
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 is focussing on extending loan facilities for commercial vehicle and two-wheeler loans as quickly as possible.
Shrinithi Capital Pvt Ltd was incorporated in 2019 and commenced business in 2020 within the short span of time, the organisation boasts the asset under management of Rs 135.53 crores which includes lending partnerships with Hinduja Leyland Finance Ltd and Deccan Finance Ltd, Sellamani added.
IndoStar Capital Finance Ltd is a 10,000 crore net worth company owned by Everstone Capital and Brookfield Investment, Canada.
Shrinithi Capital Pvt Ltd with over 13000 existing customers in Tamilnadu has strong base with 25 branches across the state.
