Mahaveer Finance raises Rs 200 Cr led by Elevation Capital

Mahaveer Finance, a Chennai-based non-banking finance company (NBFC), has raised Rs 200 crore (around $23.1 million) in an equity funding round led by Elevation Capital. The round also saw participation from Banyan Tree Finance and First Bridge Capital. 

The company had earlier raised Rs 75 crore ($9 million) in two rounds from Banyan Tree and First Bridge. The fresh proceeds will be used to enhance its governance structure, invest in technology, and scale operations. 

Led by Praveen Dugar, Mahaveer Finance provides credit for used commercial and passenger vehicles and now plans to diversify its offerings with new products such as loan against property (LAP).

Mahaveer claims to have grown its loan book from Rs 50 crore in 2016 to Rs 1,000 crore by 2025. The company now aims to expand it further to Rs 5,000 crore within the next two to three years. It maintains strong partnerships with lenders including State Bank of India, HDFC Bank, and AU Small Finance Bank.

The company says it is disbursing Rs 75–80 crore monthly and aims to reach Rs 100 crore by the end of FY25. According to the company, it closed FY24 with Rs 136 crore in revenue and Rs 16 crore in net profit.

Mahaveer Finance currently operates in Tamil Nadu, Andhra Pradesh, Telangana, and Karnataka, with 80 branches. The branch count is expected to cross 100 by the end of this year. It plans to offer business loans through a branch-led model, with average ticket sizes of Rs 10–15 lakh.