The Rs 60,000-crore Shriram Group has started a new company 'Shriram Vyapar', which will bridge the digital and financial divide by offering online services through its agents network.
Speaking on the occasion Sudhakar Raja, chief executive officer, Shriram Vyapar, said the company would expand to South India over the next 12 years and in two years, it would have its presence across the country with around 100,000 agents.
Sudhakar Raja is son of AVS Raja, who is one of the founders and promoter of Shriram Group of Companies.
It is also planning to raise around Rs 20 crore from a venture capital fund in the next 3-6 months to support its expansion, said Raja. He refused to comment on the investment plans and said the percentage of dilution would be decided by an external consultant.
The company would create thousands of small and medium size businesses who will become agents. These agents will set up small business centres in the neighbourhood areas and offer services in real estate, vehicles, insurance, loan and travel.
K Pandiarajan, managing director of Ma Foi Strategic Consultants and one of the directors of Shriram Vyapar, said the business model bridges the divide by offering a choice of online services to other parts of India, which are not digitally connected through ECCS (Ease, Choice, Convenience and Simplicity). He would pick up a five per cent stake in Shriram Vyapar in his personal capacity going forward.
