Non-banking finance company Mahaveer Finance India Ltd has secured Rs 200 crore funding to strengthen the vehicle financing access to underserved entrepreneurs, a top official said on Friday. The fundraising of Rs 200 crore was led by Elevation Capital with participation from existing investors, including BanyanTree Finance and First Bridge Capital.
The strategic infusion of capital would empower the Chennai-headquartered company to deepen its presence in Southern India, one of its strong markets, expand infrastructure, and serve underserved entrepreneurs.
Commenting on the occasion, Mahaveer Finance Chief Executive Officer and Managing Director Deepak Dugar, in a company statement, here, said, "This funding milestone validates our four-decade journey of serving the underbanked segments of India's economy. 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."
The fundraise underscores the growing confidence in Mahaveer Finance's robust business model built on the back of multi-decade and business cycle experience, technology adoption, and employee base, the company said.
Watch LIVE TV, Get Stock Market Updates, Top Business, IPO and Latest News on NDTV Profit.
