Mahaveer Finance Secures Rs 200 Crore to Boost Vehicle Financing

Mahaveer Finance India Ltd, a non-banking financial company, has successfully raised Rs 200 crore to bolster vehicle financing services for underserved entrepreneurs, according to a senior official.

The fundraising effort was spearheaded by Elevation Capital and saw participation from existing investors, such as BanyanTree Finance and First Bridge Capital. This significant capital injection aims to enhance the company's market presence in Southern India while enabling infrastructural expansion.

Deepak Dugar, CEO and Managing Director of Mahaveer Finance, highlighted that the funding milestone marks the firm's enduring journey in servicing India's underbanked sectors. With continued investor confidence, the company is set to scale its successful business model into new regions, maintaining its solid credit practices.

(With inputs from agencies.)