PE-VC Fund Investments
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).
Between Jan 2018 and Mar 2024, Mahaveer Finance had raised about USD 14 M from FirstBridgeFund,BlackSoil Capital and BanyanTree Growth Capital.For FY24, Mahaveer Finance had reported about INR 136 Cr in Operating Income and about INR 17 Cr in PAT .
Want to receive such news items in your inbox? Click Here to sign up for a trial.
