A naukri.com initiative
Economic Times
4w
24
Image Credit: Economic Times
Mahaveer Finance raises Rs 200 crore from Elevation Capital and others
- Chennai-based NBFC Mahaveer Finance raises Rs 200 crore in an equity funding round led by Elevation Capital.
- Participation also from Banyan Tree Finance and First Bridge Capital.
- Founded in 1981, Mahaveer Finance is run by Praveen and Deepak Dugar.
- Aim to strengthen governance structure, grow business, and invest in technology with new funding.
- Previously raised Rs 75 crore from private equity investors Banyan Tree and First Bridge Capital.
- Planned diversification into new areas like loan against property.
- Grew loan book from Rs 50 crore to Rs 1,000 crore between 2016 and 2025.
- Targeting a loan book of Rs 5,000 crore in the next 2-3 years.
- Works with major lenders such as State Bank of India, HDFC Bank, and AU Small Finance Bank.
- Plans to offer business loans with an average ticket size of Rs 10-15 lakh through branch-led model.
- Currently operational in Tamil Nadu, Andhra Pradesh, Telangana, and Karnataka.
- Network of 80 branches expected to grow to over 100 by the year-end.
- Aiming to increase monthly disbursements from Rs 75-80 crore to Rs 100 crore by end of fiscal year.
- Closed FY24 with total revenue of Rs 136 crore and net profit of Rs 16 crore.
Read Full Article
1 Like
For uninterrupted reading, download the app