Shriram City Union Finance was established in 1986, and is part of the three decade-old Chennai-based Shriram Group. It is a deposit-accepting non-banking financial company which offers financing for consumer durables, two, three and -wheeler finance (both new and pre-owned, passenger and commercial), personal loans, small business loans and retail gold loans.
In the last couple of years, various Private Equity investors like Asia Bridge, Bessemer, Cambridge, Chrys Capital, Merrill Lynch, ICICI Ventures and TPG Capital have invested in the company.
Niren Shah, managing director of NVP India, said, “NVP is honoured to be investing in the Shriram Group and partnering with Shriram City, one of the leading non-banking financial services companies in India. Through its comprehensive and diversified range of product offerings, combined with its nationwide presence across India serving over 1.5 million customers, Shriram City has become one of the leading players in this market. The size of the consumer finance market is expected to grow significantly over the next four to five years in India. Shriram City is extremely well regarded in the industry and has the proven track record and expertise in the financial sector to capitalise on this vast macro opportunity.”
NVP manages more than $2.5bn in capital out of Palo Alto, California, Mumbai and Bangalore, India and Herzelia, Israel. NVP makes early to late stage venture and growth equity investments across a wide range of sectors including: technology, financial services, infrastructure, consumer, agriculture, manufacturing, telecommunications, retail and healthcare.
Source: Alt Assets