Latest news with #Dugar
Time of India
2 days ago
- Automotive
- Time of India
Mahaveer Finance raises Rs 200 crore led by Elevation Capital
L- R Deepak Dugar Mahaveerchand Dugar Praveen Dugar (TOI) BENGALURU: Mahaveer Finance, a Chennai-based NBFC focused on used commercial and passenger vehicle lending, has raised Rs 200 crore in a Series C round led by Elevation Capital, with participation from existing investors BanyanTree Finance and First Bridge Capital. The capital will be used to expand the company's branch footprint in South India, strengthen its proprietary credit infrastructure, and deepen lending to underbanked customer segments. Mahaveer currently manages over Rs 1,000 crore in assets and aims to grow its AUM fivefold by FY28. Founded in 1981, Mahaveer entered the used vehicle financing segment in 2001 and has built what it calls a valuation-led underwriting model that assesses vehicle price, usage history, and configuration down to 'ownership changes and body type,' according to CEO Deepak Dugar. 'A major challenge in used vehicle lending is price discovery. We tackled this by backward integrating into the resale business early on. That helped us build a deep grid-based model that powers our credit decisions,' Dugar told TOI. Since 2016, under the second-generation leadership of Dugar and CFO Praveen Dugar, Mahaveer has expanded its operations to 80 branches across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, and Puducherry. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Switch to UnionBank Rewards Card UnionBank Credit Card Apply Now Undo The company says about 70% of its borrowers are first-time vehicle owners or new-to-credit customers, typically aged between 30 and 45. Elevation's investment is seen as a validation of Mahaveer's growth strategy in a segment still heavily dependent on informal lending. 'Around 35% of the market is unorganised. Our value lies in helping customers buy right by guiding them on vehicle pricing and keeping defaults low,' said Praveen Dugar. Mahaveer's in-house credit engine, Surety, combines customer inputs, asset data, and API-led KYC authentication to deliver near-instant loan offers at the branch level. The company claims field executive productivity has improved from three to four loan files per month, driven by reduced cash collections and tech-led assessments. Cash collections have declined from 60% pre-Covid to about 10-15% currently, allowing executives to spend more time on sourcing, Dugar said. Mahaveer is also evaluating secured MSME loans and potential entry into EV financing, although it expects the used EV market to mature only over the next few years. With over 40 lenders, including SBI and HDFC, on its books and a historically profitable track record, the company said it has sufficient capital for the next 12-18 months. While valuation and promoter stake details were not disclosed, the company has added new independent board members, including a former RBI CGM, as part of its governance expansion. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
3 days ago
- Business
- Time of India
Dugar Finance raises $3 million from Symbiotics' Green Basket Bond to boost EV, solar loans
Dugar Finance & Investments Limited, a non-banking financial company (NBFC) working in solar and MSME financing, raised $3 million in debt from the $75 million Green Basket Bond issued by Swiss-based impact investment firm Symbiotics Investments . The fresh funds will help Dugar Finance expand its footprint in EV financing and rooftop solar financing , particularly targeting residential consumers, MSMEs, and housing societies in tier-2 and tier-3 cities. The bond is subscribed to by British International Investment (BII), the UK's development finance institution aims to accelerate renewable energy adoption across Asia and Africa. 'At Dugar Finance, our mission has always been to bridge financial inclusion with sustainability. This capital infusion is not just financial support, it's a strong endorsement of our efforts to drive clean energy access and uplift small businesses at the grassroots,' said Ramesh Dugar, Founder and MD of Dugar Finance. He added that the funding will help the NBFC to scale its offerings in regions where such solutions can be transformative. Dugar said so far it has helped over 1,200 customers adopt rooftop solar systems and purchase EVs, leading to an estimated reduction of 3,000 tonnes of carbon emissions and annual electricity savings of ₹2.96 crore.
Yahoo
11-03-2025
- Yahoo
Houston Rodeo carnival attack leaves teen hospitalized
Houston - A 17-year-old remains hospitalized with severe head injuries after being attacked by multiple people at the Houston Rodeo on Saturday night. The incident was one of multiple fights involving young people reported over the weekend, raising concerns about security at the annual event. What we know Joseph Dugar's mother, Nakkia Washington, spoke exclusively to FOX 26's Sherman Desselle. "It's hard. Turning on social media looking at my son... getting his head beat in," Joseph Dugar's mother, Nakkia Washington, said. "The way they were kicking him. He was helpless and y'all were still kicking him." Dugar is dealing with serious head and face injuries after the brawl near the Carnival grounds. According to Washington, the attack happened around 10 p.m. near the carnival grounds. Video of the incident, slowed down for clarity, shows an unidentified person removing Dugar's shoes while he lies motionless on the ground. Another individual is seen kicking him in the face. Lauryn Stanley, Dugar's girlfriend, was with him at the time of the attack. "About a minute later, someone came up from behind him, called his name and they just hit him. A whole bunch more boys came and started hitting on him," Stanley said. I just keep replaying and having to sit there and watch him." Dugar is being treated for severe head trauma in a local hospital. Washington, however, believes more needs to be done to protect attendees. "Big events like this, it needs to be more security around these kids. It's the protection of these kids. My son could've lost his life that night," she said. Washington said she is cooperating with authorities and has also received threats online since speaking out about the attack. What we don't know No arrests have been made in connection with the incident. A police report has been filed. What they're saying The Houston Rodeo issued a statement in regard to the incident: "The safety of our guests is our number one priority. We collaborate extensively with local, state, and federal law enforcement agencies, first responders, and private security firms to ensure protection throughout our events. As we enter spring break, we're working with the Houston Police Department to ensure Rodeo attendees have a fun and memorable experience." The Source Fox 26's Sherman Desselle spoke with Nakkia Washington, the teen's mother. The Houston Livestock Show & Rodeo also responded to the incident via statement.
