Shriram Finance

What Shriram Finance does

Shriram Finance Limited (NSE/BSE: SHRIRAMFIN; CIN L65191TN1979PLC007874) is a publicly listed Indian non-banking financial company incorporated in 1979 in Tamil Nadu, with its registered office in Chennai and corporate office in Mumbai. It is part of the Shriram Group founded by R. Thyagarajan in 1974, and since 2006 the group has been effectively employee-owned via the Shriram Ownership Trust after Thyagarajan transferred his 33% stake. The company primarily lends to underserved rural, semi-urban, and small-business borrowers — commercial-vehicle owners, two-wheeler and used-car buyers, MSMEs, smallholder farmers, and gold-loan customers — across a pan-India network of 3,225 branches, 9M+ customers, and 64,000+ employees (planned 80,000). Assets under management reached ₹3.02 Lakh Crore as of March 2026, with FY26 NIM of 8.6% (up from 8.25%) and 15% AUM growth.

The business runs on a multi-channel technology stack anchored by the Shriram One super app and Shriram Web, which unify loans, AAA-rated retail fixed deposits (Shriram Unnati FD up to 7.80% p.a., Fixed Investment Plan 7.30% p.a.), insurance distribution under IRDAI Composite Corporate Agent licence CA0197, Bharat Bill Payment System transactions, and UPI. The digital infrastructure includes Video KYC, eKYC, e-NACH, eSign, and credit decisioning that uses transaction-SMS analytics (not personal SMS), device-level fraud signals, and CKYC/UIDAI/PAN/CIBIL integrations. A proprietary monthly publication, the Shriram Mobility Bulletin, tracks truck rentals, EV sales, diesel consumption, and air cargo volumes across Indian trunk routes and functions as an internal data asset. Distribution combines the owned branch network with co-lending partners, OEM partnerships (notably VinFast India for EVs), a two-wheeler marketplace (auto.shriramfinance.in), fintech API distribution (Finspring.ai), and embedded insurance via 10+ underwriting partners.

The revenue model is dominated by net interest income (NIM ~8.6%) on the lending book, supplemented by fixed-deposit mobilization, insurance commission under the IRDAI corporate-agency arrangement, transaction-based BBPS/UPI fees, two-wheeler marketplace lead generation, and recurring capital raises through USD social bonds ($750M Jan 2024, $500M Sep 2024, $306M+ ECB Mar 2025, $468M multi-currency social loan Jun 2024, $76M DEG-Citi co-financing Mar 2026). The most significant capital event was the April 8, 2026 completion of MUFG Bank's 20% stake acquisition for ₹39,618 crore (US$4.4 billion) — the largest foreign investment in India's financial services sector — which lifts capital adequacy from 20% to 34% and is expected to reduce borrowing costs by ~1 percentage point. FY27 management guidance targets 15-18% YoY loan growth with NIMs of 8.5-9.0% and spread expansion to 8.4-8.5%.

Name

Shriram Finance

Legal name

Shriram Finance Limited

Website

https://shriramfinance.in

Company type

Public

Founded year

1979

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Shriram Finance Limited is a publicly listed Indian NBFC that lends to underserved rural, semi-urban, and MSME borrowers — primarily commercial-vehicle, two-wheeler, gold, and small-business loans — across 3,225 branches and 9M+ customers, with a ₹3.02 Lakh Cr AUM and a MUFG Bank minority stake post-April 2026.

Ownership category

akta.pro rank

Product category

Retail Non-Banking Financial Services

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218), Other Financial Vehicles (525990)

SIC

Loan Brokers (6163)

akta.pro primary industry

SME Term Loans & Growth Capital (FSAKAGAB)

akta.pro secondary industries

SME Treasury & Liquidity Management (FX, Hedging, Sweep/Investment) (FSABABAE), Private Credit / Direct Lending (FSAAAHAG)

Keywords

• Vehicle finance loans
• Non-banking financial services
• Fixed deposit products
• MSME lending solutions
• Gold loan services

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices12 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Retail Asset Finance (Vehicle, MSME, Gold, Personal): Net interest income (NIM ~8.6%) from lending to commercial-vehicle owners, two-wheeler buyers, used-car buyers, small businesses, micro-enterprises, and gold-loan customers; AUM of ₹3.02 Lakh Cr with 15% AUM growth and 21% NII growth in FY26.
2. Fixed Deposits and Fixed Investment Plans: Retail deposit mobilization via Shriram Unnati Fixed Deposit (up to 7.80% p.a.) and Fixed Investment Plan (7.30% p.a.); rate cards differ by tenure and are periodically revised (e.g., -15-35 bps from May 6, 2026).
3. Insurance Distribution Commission: Acts as IRDAI Composite Corporate Agent (CA0197) distributing third-party general and life insurance products from multiple insurers; earns commission on premium placement, not underwriting risk.
4. Bill Payments and UPI Transactions (BBPS): Transaction-based revenue from Bharat Bill Payment System (mobile, DTH, electricity, FASTag, gas, water, credit card, loan EMI) plus UPI payments facilitated via the Shriram One app.
5. Two-Wheeler Marketplace & Auto Listings: Auto.shriramfinance.in marketplace for bikes, scooters, EV hub listings, and bike comparisons, generating leads and conversion tie-ins to financing products.
6. Corporate Bond Issuance & Wholesale Borrowings: Capital raising through USD-denominated social bonds ($750M, $500M), multi-currency syndicated social loans ($468M), and ECB facilities ($306M+) supporting lending book.

Pricing tiers

Go-to-market motion4 records

Distribution channels8 records

Marketing channels8 records

Core offering

Shriram Finance is a publicly listed Indian non-banking financial company that primarily lends against pre-owned commercial vehicles, two-wheelers, used cars, MSME working capital, and gold, while also mobilizing retail fixed deposits and distributing third-party insurance. It operates a 3,225-branch pan-India network serving more than 9 million customers, anchored by the Shriram One super app for loans, deposits, UPI, BBPS bill payments, and insurance.

Differentiator

Problem solved

Functional benefit

Brands

• Shriram One: Super app offering loans, high-yield deposits, insurance, bill payments, UPI transactions, and more.
• Shriram Unnati Fixed Deposit
• Shri Criti Care Insurance
• Shriram Mobility Bulletin

Products and services

• Shriram Unnati Fixed Deposit AAA-rated retail fixed deposit product offering interest rates up to 7.80% p.a. with flexible tenure options; revised to 7.00% (18-23 months), 7.05% (24-35 months), and 7.25% (36-60 months) from May 6, 2026. Targeted at individual retail savers across India.
• Fixed Investment Plan (FIP) Systematic, recurring-deposit style product with installment-based contributions offering 7.30% p.a. advertised yield for individual retail investors.
• Two-Wheeler Loan Retail loan for two-wheeler (bike, scooter, EV) purchase with interest rates starting from 10% p.a., flexible EMI options, and quick disbursal.
• Personal Loan Unsecured personal loan for individual borrowers' personal use, distributed via the Shriram Finance branch and digital channels.
• Used Car Loan Retail loan financing the purchase of pre-owned / used passenger cars for individual borrowers.
• Business Loan Working-capital and term loan product for micro, small, and medium enterprises (MSMEs) and small business owners across India.
• Gold Loan Loan against gold ornaments as collateral, offered through Shriram Finance's 3,000+ branch network and dedicated gold-loan centers (Gold Zone).
• Fuel Finance Financing product for fleet owners and truckers to fund fuel purchases and repay in convenient instalments, addressing fuel cost volatility (35-50% of operating expenses).
• Bill Payments and UPI Services (BBPS) Bharat Bill Payment System services including mobile recharge, DTH, electricity, FASTag, gas, water, credit card, loan EMI, and insurance premium payments, plus UPI transactions facilitated via the Shriram One app.
• General Insurance Distribution Distribution of third-party general insurance products (car, two-wheeler, goods-carrying vehicle, critical care / Shri Criti Care) as an IRDAI Composite Corporate Agent (registration CA0197).
• Life Insurance Distribution Distribution of third-party life insurance products including Shriram Life Assured Income Plan, Early Cash Plan, Premier Assured Benefit Plan, and New Shri Vidya Plan under IRDAI Composite Corporate Agent license.
• Shriram One Super App One-stop mobile and web platform consolidating loans, high-yield deposits, insurance, bill payments, and UPI transactions with integrated credit decisioning using transaction-SMS analytics, Video KYC, and eKYC.
• Two-Wheeler Auto Marketplace Online marketplace (auto.shriramfinance.in) listing bikes, scooters, EV hub, and bike comparison tools that funnel users into Shriram Finance financing products.

Quantifiable outcome

• FY26 net profit of ₹10,000 crore, up 21% YoY, with Q4FY26 net profit up ~41% YoY to ₹3,010 crore.
• +4 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered major / core and minor / ecosystem.

• VinFast Indiamajor / coreStrategic or Co-development Partner · 23 June 2026VinFast India signed a Memorandum of Understanding with Shriram Finance on June 23, 2026 to offer tailored retail vehicle financing for VinFast EVs, including up to 100% on-road funding, attractive interest rates, and flexible repayment across VinFast's product portfolio. The collaboration leverages Shriram Finance's 3,000+ branch network and 9 million+ customer base to accelerate EV adoption in India following the launch of the VF MPV 7.
• TrucksUpminor / ecosystemChannel Partner/ Reseller/ DistributorShriram Finance has a partnership with TrucksUp, an Indian digital freight matching platform (~6 lakh trucks, 3 lakh owners, 60,000-80,000 shippers), to provide financing, insurance verification, and fuel-card services to small truck owners and fleet operators. Helps small fleet owners raise asset utilization from 35-40% to 60-70% with ₹3,000-6,000 savings per transaction.
• Insurance Underwriting Partners (GO DIGIT, IFFCO TOKIO, BAJAJ ALLIANZ, CARE HEALTH, MANIPAL CIGNA, HDFC ERGO, TATA AIG, BANDHAN LIFE, SHRIRAM GENERAL, SHRIRAM LIFE)major / coreOEM/ Whitelabel/ Licensing PartnerShriram Finance acts as an IRDAI Composite Corporate Agent (registration CA0197, valid 01-Apr-2025 to 31-Mar-2028) distributing third-party general and life insurance products from these underwriting partners across motor, personal accident, critical care (Shri Criti Care), home, ULIP, savings, child, and protection plans.
• Vendor / Technology Service Provider Ecosystem (Digio, Gupshup, Vivaconnect, Karix, Valuefirst, HDFC Bank (e-NACH), IndusInd Bank (Penny Drop), Karza/Perfios, Netcore, NSDL, Trackwizz/iSolve, Transunion CIBIL, UIDAI, Novac Technology, eMudhra, Cashfree, Razorpay, CRIF, Wizhcomm, CAMS, Finduit)major / coreTechnology or IntegrationFormal vendor partner ecosystem supporting Shriram Finance's digital lending and customer onboarding infrastructure — covering e-stamp/eSign, SMS/OTP, e-NACH, penny-drop, PAN/CKYC/GST/company search verification, credit-bureau (CIBIL, CRIF) and CKYC integrations, UIDAI eKYC, payment gateways (Cashfree, Razorpay), email, digital signature, and account aggregator services.
• Co-Lending Partners (as published in SFL Co-Lending Partners PDF, Feb 2026)major / coreChannel Partner/ Reseller/ DistributorFormal co-lending partner network used by Shriram Finance for joint origination of retail loans, with the partner list disclosed and updated monthly in the official Co-Lending Partners PDF.

Scale indicators12 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Bajaj Finance: India's largest retail NBFC, offering consumer durable loans, two-wheeler and auto finance, personal loans, gold loans, and digital deposit products. Most directly comparable to Shriram by product breadth, pan-India retail reach, and listed-NBFC profile, though skewed more toward urban prime borrowers.
• Muthoot Finance: India's largest gold-loan NBFC with a vast pan-India branch network. Direct overlap on Shriram's fast-growing gold-loan vertical and a key competitor as Shriram expands headcount and gold-loan book.
• Manappuram Finance: Gold-loan and microfinance-led NBFC with significant overlap on Shriram's gold-loan, MSME, and vehicle-finance products. A relevant comp for the gold-loan push and small-ticket retail book.
• Mahindra & Mahindra Financial Services: Rural and semi-urban-focused NBFC originating vehicle, tractor, and MSME loans through a deep branch network. Highly comparable to Shriram on customer profile (rural/semi-urban, thin-file), product mix (auto, tractor, MSME), and distribution-led model.
• L&T Finance Holdings: Diversified Indian NBFC with retail (vehicle, farm equipment, MSME, gold) and wholesale (infrastructure, real estate) books. Comparable on retail-NBFC scale, product diversification, and listed-equity profile.
• Sundaram Finance: Long-established Indian NBFC focused on commercial vehicle finance, car finance, and business loans with a strong South India distribution base. Direct competitor for Shriram's CV/used-car book, with similar heritage-relationship underwriting.
• Cholamandalam Investment and Finance Company: Vehicle finance-focused NBFC within the Murugappa Group with strong commercial-vehicle, used-car, and SME lending. Closest like-for-like competitor to Shriram's heritage CV/auto-finance business and a direct rival for the same customer segments.

Broad incumbents

• ICICI Bank: Large Indian private-sector bank with a deep retail, MSME, and vehicle-finance book. Represents the bank-side competitive frontier that Shriram's MUFG-backed funding model is designed to offset, and a key pricing benchmark for retail credit and deposits.
• HDFC Bank: India's largest private-sector bank with a wide retail loan and deposit franchise. Competes with Shriram across vehicle, MSME, and personal loans, and increasingly in retail deposits via its AAA-rated FD book — a benchmark for Shriram's funding-cost trajectory.
• State Bank of India: India's largest public-sector bank with the deepest rural and semi-urban branch reach and government-backed deposit guarantee. Sets the floor on small-ticket credit pricing and the ceiling on retail deposit competition for Shriram.

Market position

Strengths5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@shriramfinance
• Facebookfacebook.com/shriramconnect
• LinkedInlinkedin.com/company/shriramfinance
• Instagraminstagram.com/shriramfinance
• Xx.com/ShriramConnect

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds9 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shriram Finance