Mahaveer Finance India Secures INR 200 Cr in Series C Led by Elevation Capital

The fresh capital will be deployed to strengthen Mahaveer's presence in South India, bolster its proprietary tech infrastructure, and serve a broader base of underserved customers who often rely on informal moneylenders.
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Chennai-based non-banking financial company (NBFC) Mahaveer Finance India has raised INR 200 crore in a Series C funding round, led by Elevation Capital, with participation from existing investors BanyanTree Finance and First Bridge Capital.
The fresh capital will be deployed to strengthen Mahaveer's presence in South India, bolster its proprietary tech infrastructure, and serve a broader base of underserved customers who often rely on informal moneylenders.
"This funding milestone validates our four-decade journey of serving the underbanked segments of India's economy," said Deepak Dugar, CEO and Managing Director of Mahaveer Finance. "With Elevation Capital's partnership and our existing investors' continued confidence, we are well-positioned to scale our proven business model across new geographies while maintaining the current credit approach that has delivered consistent profitability."
Founded in 1981, Mahaveer Finance India is a family-run NBFC specialising in used commercial vehicle financing, catering to retail customers, first-time buyers, and small fleet operators.
Under the leadership of Deepak Dugar and Praveen Dugar, the company has grown its Assets Under Management (AUM) from INR 50 crore in 2016 to around INR 1,000 crore today, supported by its proprietary credit engine SURETY, in-house loan origination system (LOS), and digital payment integration.
The brand claims to operate 80+ branches across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, and Puducherry, with a customer base of over 20,000 active borrowers.
"Empowering small business owners and first-time vehicle buyers remains our core mission," said Praveen Dugar, CFO and Deputy Managing Director. "It is personally satisfying to have onboarded every noteworthy vehicle financier in the country on our lender list — a strong validation of our credibility and model."
Mridul Arora, Partner at Elevation Capital, said, "Mahaveer Finance's deep-rooted understanding of small road transport operators and their commitment to financial inclusion aligns perfectly with our investment thesis of access-driven financial services."
With more than 40 lender relationships, including marquee names like State Bank of India, HDFC Bank, and AU Small Finance Bank, Mahaveer Finance is well-positioned to leverage its experience and reputation.

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