Used vehicles financier Mahaveer Finance raises Rs.200-Cr from Elevation Capital, others

Chennai-based non-banking financial company (NBFC) Mahaveer Finance has raised INR 200 crore in an equity funding round led by Elevation Capital, with participation from Banyan Tree Finance and First Bridge Capital.The new funding round will be used to strengthen governance structure, grow business and also invest in technology.Founded in 1981 by brothers Praveen Dugar and Deepak Dugar, Mahaveer Finance, which has been offering credit to consumers buying used-commercial and passenger vehicles, wants to diversify into products such as loans against property (LAP).