Shriram Finance Limited: A Leading Retail NBFC in India

Shriram Finance Limited, the largest retail Non-Banking Financial Company (NBFC) in India, has made a significant move by merging Shriram Transport Finance Company and Shriram City Union Finance. This merger has created a financial powerhouse with a net worth of ₹40,900 crores and assets under management of ₹1,71,000 crores. With a customer base of over 6.7 million, the company aims to drive growth in the self-employed and micro, small, and medium enterprises (MSME) sector.

Umesh Revankar, the Executive Vice Chairman of the merged entity, expressed his excitement about the merger, stating that it will strengthen the company’s balance sheet and enable them to better serve the market. The company has also invested in technology to enhance efficiency and customer service levels, paving the way for sustained double-digit growth.

The Managing Director and CEO, YS Chakravarti, highlighted the robust demand for credit among MSMEs in India and emphasized the company’s focus on various business segments for growth. Additionally, Shriram Finance announced the appointment of new leadership, including an Independent Director and Chairman.

The company’s growth strategy includes becoming the preferred financial services destination in the country, focusing on self-employed individuals and small businesses, diversifying its product portfolio, and delivering customer delight in rural and semi-urban areas through technology and empowered employees. Founded in 1979 with a social consciousness, Shriram Finance has played a crucial role in providing credit to millions of people who were previously denied access.

As the largest retail NBFC in India, Shriram Finance offers a wide range of lending options and manages assets worth over ₹1.71 trillion. The Shriram Group, to which the company belongs, is the largest financial conglomerate in India, with a presence in various financial services sectors and a customer base of over 22.5 million.

Overall, the merger of Shriram Transport Finance Company and Shriram City Union Finance marks a significant milestone in the Indian financial sector, positioning Shriram Finance as a key player in driving growth and financial inclusion in the country.