CHENNAI: Shrinithi Capital Pvt Ltd engaged in commercial vehicle and two-wheeler loans aims to double its total assets under management to Rs 600 crore by 2024, a top official has said.

The Chennai-based firm, which has 50 branches, plans to strengthen foot prints in southern parts of the country.

“Shrinithi’s rapid ascent in the industry, coupled with exemplary collection figures even during challenging times, has garnered attention across the sector. As part of our expansion process, we plan to open 30 more branches in south India and aim to double our AUM from Rs 300 crore to Rs 600 crore by 2024,” its MD-CEO S Sellamani said in a statement.

The company has tied up with ESAF Small Finance Bank to offer a business correspondent facility. Sellamani and ESAF Small Finance Bank executive vice president Hari Velloor exchanged documents on Saturday as part of the tie-up between the two entities.

“Our partnership with ESAF Small Finance Bank aligns with our expansion goals, as we plan to disburse loans to small truck transporters and owners cum drivers, particularly focusing on customers at the bottom of the pyramid who face challenges in securing loans with traditional banks and NBFCs,” he said.