New Delhi, April 16 -- Navyug Global Ventures Pvt Ltd, an investment firm founded by entrepreneur Nikhil Chandan, has invested Rs 16 crore ($1.8 million) in Chennai-based non-banking finance company Shrinithi Capital.
The firm also plans to invest an additional Rs 10 crore in Shrinithi Capital by June 30, it said in a statement.
Shrinithi Capital operates 58 branches across Tamil Nadu. It caters to underserved segments such as small business owners, self-employed individuals, and rural customers. The non-bank lender offers two-wheeler loans, loans for passenger and commercial vehicles and construction equipment, agricultural loans, and working capital loans.
The company plans to expand into other verticals such as loans against property.
The investment will enable the non-bank lender to expand its commercial vehicle financing and micro-lending for rural entrepreneurs and strengthen its geographic footprint.
"Shrinithi Capital stood out not just for its numbers but for its mission. Their disciplined approach to rural lending and growing focus on EV finance reflects where the future is headed," said Chandan, managing director and chief executive officer, Navyug Global Ventures.
Headquartered in Chennai, Navyug Global focuses on investments in high-potential startups across sectors such as technology, fintech, electric mobility, and FMCG. Earlier this year, it invested Rs 1.5 crore in mobility solutions startup Taxi'na.
Published by HT Digital Content Services with permission from VC Circle.