Mahaveer Finance Raises Rs 200 Crore in Equity Round Led by Elevation Capital
Mahaveer Finance, a non-banking financial company headquartered in Chennai, has secured Rs 200 crore in a fresh equity round led by Elevation Capital, with participation from Banyan Tree Finance and First Bridge Capital.
This follows the company’s earlier fundraises of Rs 75 crore across two previous rounds from Banyan Tree and First Bridge. The latest funding will be utilised to strengthen corporate governance, invest in technology infrastructure, and accelerate geographic and product expansion.
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Founded and led by Praveen Dugar, Mahaveer Finance specialises in offering credit for used commercial and passenger vehicles. The company is now preparing to diversify its portfolio, with plans to launch new offerings such as Loan Against Property and business loans.
The NBFC has scaled its loan book from Rs 50 crore in 2016 to over Rs 1,000 crore in 2025, and now targets Rs 5,000 crore within the next two to three years. It disburses Rs 75–80 crore monthly and expects this figure to touch Rs 100 crore by the end of FY25.
Mahaveer Finance reported Rs 136 crore in revenue and Rs 16 crore net profit for FY24. It maintains strong lending partnerships with banks such as SBI, HDFC Bank, and AU Small Finance Bank.
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With a network of 80 branches across Tamil Nadu, Andhra Pradesh, Telangana, and Karnataka, the company aims to cross the 100-branch mark by year-end. It will pursue a branch-led distribution model for its business loans, with average ticket sizes in the range of Rs 10–15 lakh.
This funding marks an important milestone in Mahaveer Finance’s growth journey as it positions itself to serve India’s underbanked commercial segment with a broader suite of financial products.
Disclaimer: This post is for general informational purposes only. It does not constitute financial advice. Please consult a qualified professional before making financial decisions.
