Shriram Group, best known for its lending business through Shriram Finance, plans to expand into mutual funds, brokerage and wealth management. It aims to build a significant presence in these businesses by drawing on its existing customer base and serving India’s growing number of retail investors. Founder R. Thyagarajan is personally driving the initiative.
India’s equity market is growing rapidly, with more than 100 million new investors projected by 2035.
Separately, Morgan Stanley maintained its Overweight rating on Shriram Finance. It cited recent rating upgrades and lower borrowing costs as factors that help the company withstand interest-rate hikes.