Mahaveer Finance secures Rs 200 cr from marquee investors
The fundraise underscores the growing confidence in Mahaveer Finance's robust business model built on the back of multi decadal and business cycle experience, tech adoption and loyal employee base
L- R : Deepak Dugar, Mahaveerchand Dugar, Praveen Dugar
CHENNAI: Mahaveer Finance India Limited, a leading Chennai-based non-banking financial company (NBFC) specialising in used commercial and passenger vehicle financing, on Thursday, announced its Rs 200 cr fund raise, led by Elevation Capital, with participation from existing investors BanyanTree Finance and First Bridge Capital.
The fundraise underscores the growing confidence in Mahaveer Finance's robust business model built on the back of multi decadal and business cycle experience, tech adoption and loyal employee base.
This strategic infusion of capital will empower the company to deepen its presence in its strong hold markets in south, expand its technological infrastructure, and help more customers who are currently underserved - lacking options besides informal moneylenders.
"This milestone validates our four-decade journey of serving the underbanked segments of India's economy," said Deepak Dugar, CEO-MD, Mahaveer Finance. "With Elevation Capital's partnership and our existing investors' continued confidence, we are well-positioned to scale our proven business model across new geographies while maintaining the current credit approach that has delivered consistent profitability.”
Mridul Arora, Partner, Elevation Capital, said, "Their deep-rooted understanding of the needs of small road transport operators and commitment to serving underserved segments align well with our thesis on access driven financial services."
The NBFC has cultivated relationships with over 40 lenders including State Bank of India, HDFC, AU Small Finance Bank along with a host of NBFCs and AIFs enabling diversified funding sources.
