CHENNAI: Chennai-based micro-lending firm Shrinithi Capital Private Limited enters revenue-sharing partnership with Shriram Finance Limited. This agreement was signed by S Sellamani, founder and chief executive officer of Shrinithi Capital and Simon Mahendran, chief business head of partnership business at Shriram Finance in Chennai.
Shrinithi Capital expects an annual turnover of Rs 300 crore in micro business loan segment through this partnership, according to a release.
Established in 2019, it has an asset under management of Rs 304.53 crore, 50 branches and over 600 employees at present. The company plans to open 30 more branches in Southern parts of the country with operations to Kerala, Andhra Pradesh, and Karnataka. It finances purchases of all kinds of vehicles, construction equipment, farm equipment and provides working capital finance.
The micro-lending firm has five branch offices in Coimbatore and plans to open five more in and around the city. Small shop owners, traders, self-employed people and marginalised business segments are offered business loans through this partnership, said S Sellamani. “This leads to the development of their economic status and increase in commercial revenue of the region.”
“We are delighted to announce our business partnership with Shriram Finance. With this partnership, Shrinithi Capital is embarking on a new chapter in the micro business loan sector,” he added.