Shrinithi Capital Collaborates With ESAF Small Finance Bank

Shrinithi Capital, specialising in loans for commercial vehicles and two-wheelers, has revealed a collaboration with ESAF Small Finance Bank. This partnership is a strategic move by Shrinithi Capital as part of its expansion strategy to tap into the market for small truck transporters and loans for owner-cum-drivers. The Chennai-based Non-Banking Financial Company (NBFC) has set a target to increase its Assets under Management (AUM) to Rs 600 crore by the next year, aiming to double its current AUM.

As outlined in a statement, Shrinithi Capital aims to enhance its branch network from 50 to 80, expanding its operations into Kerala, Andhra Pradesh, and Karnataka. S Sellamani, the Managing Director and CEO of Shrinithi Capital, emphasised that the collaboration with ESAF Small Finance Bank aligns with their expansion objectives, particularly targeting customers at the grassroots level who often encounter challenges in securing loans from traditional banks and prominent NBFCs. 

The company plans to open 30 additional branches in South India as part of its expansion strategy and envisions achieving the ambitious goal of doubling its AUM from Rs 300 crore to Rs 600 crore by the year 2024.