Founded in 1981, Mahaveer Finance is a non-banking finance company offering secured loans for used commercial and passenger vehicles, targeting retail customers and new-to-credit borrowers. The firm operates 42 branches across three southern Indian states and one Union Territory, serving a network of more than 35,000 small road transport operators, dealers, agents and individuals. Its average loan ticket size ranges from Rs 3–4 lakh. Since its first equity round from BanyanTree in 2018, Mahaveer’s assets under management have expanded from Rs 50 crore to Rs 300 crore, and management aims to reach Rs 500 crore this year. The company has also raised over Rs 350 crore of debt from 26+ public-sector banks, private banks, alternative investment funds and other non-bank lenders, including a recent Rs 50 crore tranche from PSBs. Mahaveer plans to pursue a Rs 100 crore Series C round later this year to further scale its loan book and branch footprint. The current bridge equity injection from BlackSoil will support interim growth while that larger financing is arranged.

Total raised

$2M

Funding rounds

1

Latest round

Equity

Latest activity

Apr 2021