Shriram Finance, announced today that it plans to double its loan book in Uttar Pradesh within the next three years. This growth will be driven by a focus on lending to micro, small, and medium-sized enterprises (MSMEs).
As of September 22nd, the company’s Assets Under Management (AUM) totaled ₹ 10,770 crore, and the company plans to increase this amount to over ₹ 20,000 crore within three years in Uttar Pradesh.
The company plans to grow its MSME loan book in Uttar Pradesh, where the largest number of micro, small, and medium-sized enterprises (MSMEs) are registered under Udyam, by taking advantage of the significant opportunity to provide finance to these businesses in the state. This growth strategy will be focused on expanding the company’s MSME loan portfolio.
Shriram Finance has achieved great success in financing 80,000 two-wheelers in Uttar Pradesh during the period from October to December 2022. Most of their customers in this market are self-employed. In 2022, Uttar Pradesh was the largest market for two-wheeler sales among all states, and Shriram Finance holds a leadership position in this market.
The company’s growth has been driven by the economic turnaround, revival of rural markets, and increase in activity among micro and small businesses. This has led to higher demand for financing of two-wheelers, commercial vehicles, and micro, small, and medium enterprises (MSMEs).
The company plans to double its Assets Under Management (AUM) in the next three years by focusing on lending to micro, small, and medium-sized enterprises (MSMEs) and using a cluster-based funding approach to more effectively target lending to these businesses. Uttar Pradesh has the largest number of MSMEs registered under Udyam, and the company sees a significant opportunity to provide finance to these businesses in the state. In addition to expanding its MSME lending, the company also plans to launch gold loan services in Uttar Pradesh.
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