Shriram Transport eyes 12% loan growth in FY23; plans super app in 3 years, says MD Umesh Revankar

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26 Aug, 2025 12:21

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Shriram Transport Finance Company (STFC) is aiming 12 percent year-on-year growth in advances in FY23 on a standalone basis and 15 percent loan growth for consolidated entity post-merger of Shriram Capital (SCL) and Shriram City Union Finance (SCUF), the company’s Managing Director and Chief Executive Officer Umesh Revankar told Moneycontrol on May 2.

The Board of Shriram Group on December 13 had approved the merger of its lending subsidiaries SCL and SCUF with STFC. The merged entity would be known as Shriram Finance.

Speaking to Moneycontrol, Revankar said Shriram Transport is “very seriously” looking to launch two new product lines in this fiscal year - supply chain financing and loans against property.

“These are the two products which we feel we are not covering right now, otherwise between SCUF and STFC, almost every asset class is covered,” he said.

On expansion plans, Revankar said STFC will not be adding new locations this year, however, it will consider converting rural centers into branches if they cross 400 customers’ target.

“For the sake of better servicing, we will convert rural centers into branch. That will be a gradual process. Every year we have been converting around 50, 100 rural centers into branches. This year whatever is the increase in branches, all of them will come from conversion from rural center into branch and they are also in the urban centers,” he said.

Super app

The Shriram Group will launch a super app that houses all financial services that the Group companies offer, Revankar said.

This application will be built over a three-year period with Rs 100- Rs 150 crore investment. First version of the application can be expected by May 2023, Revankar revealed.

“We already have an inhouse team. Novak technologies has built a team of around 100 people now already. They already onboarded two of the veterans in the tech industry on our company so they are building it. We are talking to them and they would be developing on our behalf. Whatever the technology or manpower cost, that we would be approving,” Revankar said, adding that the company’s Board has already approved for building the super app and first year expenses is set at Rs 32 crore.