Couple of observations, entry into vehicle finance is the most interesting differentiator as well as key area of opportunity for this company. As CV prices have increased a lot in the last 4-5 years single lorry owners are unable to afford new vehicles and will increasingly go for resale vehicles expanding the market. Shriram is the only focussed large player in that area, there is definitely space for a good 2nd guy. Since the team in this is ex-Shriram I assume lower level is also being poached from there, which should bring a lot of expertise on the table. Also with the management issues at Shriram group (owner looking to sell since 2-3 years), it is possible they may not be as focussed operations as they would be otherwise (just a theory - no knowledge of that).
I am not too enthused about home finance, seems very overcrowded as of now, everyone from PSU banks and microfinance guys are looking at that sector only in addition to the usual suspects.
Key sweetener is the valuations, which like you said are among lowest in the sector (though one can note they are very comparable to Shriram). It’s an interesting opportunity but I would say it is a 2-3 year play atleast because it will take time to build the book for home & vehicle finance and there may be high setup costs initially. Also one needs to consider whether overall valuations for the sector may fall in a rising rate cycle - so approx 2 P/BV might relatively not be as low as it is today.
Nevertheless looks like as good option to make a calculated long term bet.