Two-wheeler financier Berar raises Rs.100-Cr from Denmark's Maj, Amicus Capital

Nagpur-based Berar Finance Ltd, which runs a two-wheeler-focused financing unit, has raised INR 100 crore (USD 13 million) in an equity funding round led by Denmark-based Maj Invest. The company's existing investor Amicus Capital also participated in the round. The firm plans to use the fresh capital to expand its branch network, besides diversifying its product offering into small ticket secured small and medium enterprises (SME) loans. Berar Finance claims to have a loan book of INR 900 crore. It has a network of 105 branches spread across Maharashtra, Chhattisgarh, Madhya Pradesh, Gujarat, Karnataka and Telangana. Apart from two-wheeler loans, Berar also provides financing for cars, commercial vehicles and agriculture equipment. In February 2020, Amicus Capital had invested INR 70 crore in Berar Finance.