Shriram City Union Finance

In 1986, Shriram City Union Finance was established to serve a growing market in India. The company was founded by Y.S. Chakravarti and was part of the wider Shriram Group, which itself was founded in 1974 by R. Thyagarajan, AVS Raja, and T. Jayaraman. The initial focus was on providing financing for segments often overlooked by traditional banks. Shriram City carved out a niche by offering loans for small and medium-sized businesses, two-wheelers, and gold loans. This strategy targeted the self-employed and those in semi-urban and rural areas, effectively promoting financial inclusion. Over the years, the company expanded its product portfolio to include commercial vehicle financing, personal loans, and car loans, growing its footprint across India with hundreds of branches. A major turning point occurred in December 2021, when a merger was announced with Shriram Transport Finance Company and their promoter entity, Shriram Capital. This strategic consolidation was designed to bring all lending products under one roof, creating a financial powerhouse. The merger was finalized in December 2022, resulting in the creation of Shriram Finance Ltd., which became India's largest retail non-banking financial company (NBFC). The new entity boasted a combined asset under management of ₹1,71,000 crore and served over 6.7 million customers, marking a new era for the company.