Latest news with #MahaveerFinance
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
5 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
8 hours ago
- Business
- Time of India
Sebi eases Esop rules; VCs chase secured credit
Sebi eases Esop rules; VCs chase secured credit Also in the letter: Sebi relaxes Esop norms for IPO-bound startup founders Tell me more: Quick recap: Also Read: But why: VCs back fintechs entering secured credit amid unsecured lending slowdown Driving the news: Vridhi Home Finance, Basic Home Loans, and Easy Home Finance have all raised venture rounds over the past year. Techfino and Mahaveer Finance (as we are reporting today) have secured equity funding from marquee investors. MSME-focused Loantap also closed a fresh round recently. Carving out a niche: Improving operational efficiency through technology Applying tech-enabled underwriting even when property inspections are required Leveraging government digital databases for land and property records The catch: NBFC-style businesses require consistent and sustainable growth, which often clashes with typical VC growth expectations. LAP products may seem attractive, but the segment has historically experienced non-performing assets (NPAs). Fintechs entering the space will need strong collection infrastructure to stay resilient. Mahaveer Finance raises Rs 200 crore Byju's RP alleges asset diversion by former directors Details: $533 million allegedly moved to related entities via a US subsidiary Rs 130 crore transferred to an Indian unit RP Shailendra Ajmera has asked the NCLT to hold directors accountable In response, Riju Raveendran has challenged Ajmera's role citing conflict of interest Tell me more: Charges levelled: Counter: Deeptech VCs rev up fundraising efforts Driving the news: Java Capital is increasing its fund size from Rs 50 crore to Rs 240 crore. Bharat Innovation Fund (BIF) is eyeing $150 million for its second round Ideaspring Capital and Mela Ventures are in the market with their third and second funds, respectively Navam Capital is raising its debut fund of $30 million. Other Top Stories By Our Reporters Insolvency plea filed against FirstCry subsidiary GlobalBees: Karnataka to survey AI impact on workforce: Ola drivers across India can keep entire fare earnings: Global Picks We Are Reading The markets regulator has relaxed Esop rules for founders preparing to take their companies public. This and more in today's ETtech Morning Dispatch.■ Urban Company swings to profit■ Deeptech VCs rev up fundraise■ Insolvency trouble for FirstCryIndia's markets regulator, the Securities and Exchange Board of India (Sebi), has eased rules for startup founders on retaining their employee stock options (Esops) as they take their companies can now retain Esops granted at least a year before filing the draft red herring prospectus (DRHP). These stock options may continue to be exercised even after the company lists, and the founders are classified as promoters, Sebi decided in its board meeting on filing IPO papers, founders were regarded as promoters. Once the company was listed, they could no longer be granted Esops and had to liquidate any outstanding stock options before going public. Sebi acknowledged that this rule negatively impacted founders during the initial public offering (IPO) relaxed norms are expected to help companies looking to list in India following a reverse flip Digital lending startups that once focused heavily on unsecured consumer credit are now transitioning towards secured lending , as the unsecured segment exhibits evident signs of a venture firms are doubling down on investments in home finance and secured credit platforms. These include products such as loans against property (LAP), mutual fund-backed credit, and other asset-based traditional lenders continue to dominate the space, fintechs see opportunities to disrupt key areas:Despite strong investor interest, secured lending is not a natural match for venture capital. Most VC firms favour hyper-growth tech plays, while secured credit demands a different non-bank lender Mahaveer Finance raised Rs 200 crore in its first venture funding round. Elevation Capital led the round, with participation from Banyan Tree Finance and First Bridge Raveendran, founder, Byju'sByju's insolvency resolution professional (RP), backed by EY, has alleged that former directors are liable under IBC provisions for transactions that diverted company Ajmera, the RP of Byju's parent company, Think and Learn, claimed in lawsuits filed late April that two separate sets of transactions were detrimental to the claimed Think and Learn was deprived of the money, which its directors Byju Raveendran, Riju Raveendran, and Divya Gokulnath, should have early April, Riju Raveendran approached the NCLT, claiming Ajmera should be removed as the RP of Think and Learn, citing conflict of deeptech-focused venture capital funds are stepping up their fundraising efforts , as the ecosystem matures with growing government backing and favourable geopolitical investments in India doubled in the first four months of 2025, reaching $324 million across 35 deals. This compares to $156 million across 21 deals during the same period last year.(L-R), Supam Maheshwari and Nitin Agarwal, founders, GlobalBeesThe directors of the direct-to-consumer (D2C) homecare company Kuber Industries have filed an insolvency petition against GlobalBees Brands, a subsidiary of the omnichannel retailer FirstCry, concerning unpaid dues amounting to Rs 65 state government has invited responses from industry leaders, HR heads, technology practitioners, and academics on how they are using artificial intelligence (AI) in the workplace to identify skill gaps, emerging job roles, and the nature of workforce platform Ola has introduced a zero-commission model across India, allowing driver-partners of autos, bikes, and cabs to keep 100% of their fare earnings.■ This AI model never stops learning ( Wired ■ AI obituary pirates are exploiting our grief. I tracked one down to find out why ( CNET ■ India wants its own EV market, but needs China to get there ( Rest of World
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.
