Chennai-based non-banking financial company Mahaveer Finance India has raised Rs 200 crore in a Series C funding round. The round was led by Elevation Capital, with existing investors BanyanTree Finance and First Bridge Capital also participating.

The company plans to use the new funds to grow its presence across South India and improve its technology systems. The focus will remain on serving underserved customers who often depend on informal lenders for financing needs.

Focus on Underserved

Deepak Dugar, CEO and Managing Director of Mahaveer Finance, said the funding marks a key milestone in their four-decade journey. He emphasized that the company is now well-positioned to scale its proven business model into new regions while continuing its strong credit performance.

Mahaveer Finance specializes in providing loans for used commercial vehicles. It primarily serves small fleet operators, first-time buyers, and retail customers in semi-urban and rural regions.

Grows Rapidly Since 2016

Since 2016, the company has grown its assets under management (AUM) from Rs 50 crore to nearly Rs 1,000 crore. This growth is powered by its in-house credit engine called SURETY, a custom-built loan origination system, and full digital payment integration.

The company now operates more than 80 branches across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, and Puducherry, with over 20,000 active borrowers on record.

Mission Remains Strong

Praveen Dugar, CFO and Deputy Managing Director, said the company remains committed to empowering small business owners and first-time vehicle buyers. He noted their success in gaining trust from leading lenders across India as proof of their strong business model.

Elevation Capital’s Partner Mridul Arora praised Mahaveer Finance for its deep understanding of India’s small road transport operators and their consistent focus on financial inclusion.

Strong Lending Network

Mahaveer Finance has built partnerships with over 40 lenders, including top names like State Bank of India, HDFC Bank, and AU Small Finance Bank. These partnerships help the company extend affordable credit to customers who need it the most.

With the fresh capital and proven model, Mahaveer Finance aims to grow further while staying true to its mission of bringing financial access to India’s underbanked.