Shriram City Union Finance said it has crossed the milestone of financing one crore two-wheelers.
“The one crore two-wheelers financed milestone coincides with the 2021 festive season. The festive cheer, pent-up demand, and a good monsoon have aided rural demand,” Y.S. Chakravarti, MD & CEO said in a statement.
Shriram City, which entered the two-wheeler lending space in 2002, has a market share of 20% pan India. It took over 15 years to finance the first 50 lakh two-wheelers and the next 50 lakh customers in less than 4 years. As of September 2021, its AUM for two-wheelers stood at ₹6,750 crore.
In the early years, the two-wheeler financing business was majorly sourced from the Southern states. Currently, non-South locations account for about 60%. The contributing States are Uttar Pradesh, Tamil Nadu, Maharashtra, Andhra Pradesh, and Madhya Pradesh, with North India following closely, the company said.
“We have tied-up with electric vehicle manufacturers and expect this business to meaningfully contribute to its success as well as to the environment in the coming years,” Mr. Chakravarti said.
