Latest news with #BanyanTreeFinance
Entrepreneur
2 hours ago
- Automotive
- Entrepreneur
Mahaveer Finance India Secures INR 200 Cr in Series C Led by Elevation Capital
The fresh capital will be deployed to strengthen Mahaveer's presence in South India, bolster its proprietary tech infrastructure, and serve a broader base of underserved customers who often rely on informal moneylenders. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Chennai-based non-banking financial company (NBFC) Mahaveer Finance India has raised INR 200 crore in a Series C funding round, led by Elevation Capital, with participation from existing investors BanyanTree Finance and First Bridge Capital. The fresh capital will be deployed to strengthen Mahaveer's presence in South India, bolster its proprietary tech infrastructure, and serve a broader base of underserved customers who often rely on informal moneylenders. "This funding milestone validates our four-decade journey of serving the underbanked segments of India's economy," said Deepak Dugar, CEO and Managing Director of 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." Founded in 1981, Mahaveer Finance India is a family-run NBFC specialising in used commercial vehicle financing, catering to retail customers, first-time buyers, and small fleet operators. Under the leadership of Deepak Dugar and Praveen Dugar, the company has grown its Assets Under Management (AUM) from INR 50 crore in 2016 to around INR 1,000 crore today, supported by its proprietary credit engine SURETY, in-house loan origination system (LOS), and digital payment integration. The brand claims to operate 80+ branches across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, and Puducherry, with a customer base of over 20,000 active borrowers. "Empowering small business owners and first-time vehicle buyers remains our core mission," said Praveen Dugar, CFO and Deputy Managing Director. "It is personally satisfying to have onboarded every noteworthy vehicle financier in the country on our lender list — a strong validation of our credibility and model." Mridul Arora, Partner at Elevation Capital, said, "Mahaveer Finance's deep-rooted understanding of small road transport operators and their commitment to financial inclusion aligns perfectly with our investment thesis of access-driven financial services." With more than 40 lender relationships, including marquee names like State Bank of India, HDFC Bank, and AU Small Finance Bank, Mahaveer Finance is well-positioned to leverage its experience and reputation.
Economic Times
4 hours ago
- Business
- Economic Times
Mahaveer Finance raises Rs 200 crore from Elevation Capital and others
Live Events Chennai-based non-banking finance company Mahaveer Finance has raised Rs 200 crore in an equity funding round that was led by Elevation Capital , along with participation from Banyan Tree Finance and First Bridge Capital This is the first venture funding round for Mahaveer Finance, which was founded in 1981 and is run by brothers Praveen and Deepak Dugar.'With this new funding round, we want to strengthen our governance structure, grow our business and also invest in technology to increase the efficiency of our business execution,' said Praveen Dugar, chief financial officer of Mahaveer the company had raised Rs 75 crore over two rounds from private equity investors Banyan Tree and First Bridge NBFC, which has been offering credit to consumers buying used-commercial and passenger vehicles, wants to diversify into new areas with new products like loan against property (LAP).Between 2016 and 2025, Mahaveer Finance grew its loan book from Rs 50 crore to Rs 1,000 crore and now the firm has set an aim to build a book of Rs 5,000 crore within the next two to three years. It works with large lenders such as State Bank of India HDFC Bank and AU Small Finance Bank The company wants to offer business loans with an average ticket size of Rs 10-15 lakh through a branch-led model. It currently operates in Tamil Nadu, Andhra Pradesh, Telangana and Karnataka. The company said its current network of 80 branches will grow to more than 100 by the end of the firm disburses Rs 75-80 crore per month, which it wants to scale up to Rs 100 crore by the end of this fiscal year. It had closed FY24 with a total revenue of Rs 136 crore and a net profit of Rs 16 crore.
Time of India
9 hours ago
- Business
- Time of India
Mahaveer Finance raises Rs 200 crore from Elevation Capital and others
Live Events Chennai-based non-banking finance company Mahaveer Finance has raised Rs 200 crore in an equity funding round that was led by Elevation Capital , along with participation from Banyan Tree Finance and First Bridge Capital This is the first venture funding round for Mahaveer Finance, which was founded in 1981 and is run by brothers Praveen and Deepak Dugar.'With this new funding round, we want to strengthen our governance structure, grow our business and also invest in technology to increase the efficiency of our business execution,' said Praveen Dugar, chief financial officer of Mahaveer the company had raised Rs 75 crore over two rounds from private equity investors Banyan Tree and First Bridge NBFC, which has been offering credit to consumers buying used-commercial and passenger vehicles, wants to diversify into new areas with new products like loan against property (LAP).Between 2016 and 2025, Mahaveer Finance grew its loan book from Rs 50 crore to Rs 1,000 crore and now the firm has set an aim to build a book of Rs 5,000 crore within the next two to three years. It works with large lenders such as State Bank of India HDFC Bank and AU Small Finance Bank The company wants to offer business loans with an average ticket size of Rs 10-15 lakh through a branch-led model. It currently operates in Tamil Nadu, Andhra Pradesh, Telangana and Karnataka. The company said its current network of 80 branches will grow to more than 100 by the end of the firm disburses Rs 75-80 crore per month, which it wants to scale up to Rs 100 crore by the end of this fiscal year. It had closed FY24 with a total revenue of Rs 136 crore and a net profit of Rs 16 crore.
