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Chennai-based NBFC firm Mahaveer Finance raises Rs 200 crore led by Elevation Capital, others
- Chennai-based NBFC firm Mahaveer Finance has raised Rs 200 crore in equity funding led by Elevation Capital.
- The funding round marks the company's first venture capital raise after over four decades of operation.
- Existing investors Banyan Tree Finance and First Bridge Capital also participated in the round.
- Founded in 1981 by Praveen and Deepak Dugar, Mahaveer Finance plans to focus on digital transformation and expanding into new segments like loan against property and SME offerings.
- The company aims to strengthen governance, invest in technology, and grow its loan book, targeting Rs 5,000 crore in the next few years.
- Mahaveer Finance works with lenders like State Bank of India and HDFC Bank and disburses loans worth Rs 75–80 crore monthly.
- It plans to increase monthly disbursements to Rs 100 crore by FY25 and offer business loans to entrepreneurs in the Rs 10–15 lakh range.
- The NBFC currently operates through 80 branches across Southern states and aims to expand to over 100 branches by the end of the year.
- For FY24, Mahaveer Finance reported total revenue of Rs 136 crore and a net profit of Rs 16 crore.
- Elevation Capital's Partner Mridul Arora praised Mahaveer Finance for its expertise in financial inclusion and access-driven services.
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