Latest news with #MahaveerFinance
Entrepreneur
21-06-2025
- Automotive
- Entrepreneur
Startup Investment Highlights: June 14–20
Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. India's startup ecosystem continues to thrive across diverse sectors, from fintech and mobility to education finance and electric vehicles. Driven by innovative founders and strategic investments, these ventures are solving unique problems while tapping into underserved markets. Let's take a look at six promising Indian startups that have recently made headlines for their business models, funding rounds, and impact in their respective domains. Spinny Founded in 2015 by Niraj Singh, Mohit Gupta, Ramanshu Mahaur, and Ganesh Pawar, Spinny is a Gurugram-based tech-enabled used car platform. It offers a seamless online-to-offline (O2O) car buying and selling experience, including end-to-end services such as vehicle inspection, financing options, and service warranties. Funding Amount: USD 30.6 Million Investors: WestBridge Capital POP Launched in 2023 by Bhargav Errangi, a former Flipkart executive, POP is a Bengaluru-based consumer platform that blends digital payments with e-commerce and credit. It integrates UPI payments, a D2C marketplace, and a co-branded RuPay credit card into a single ecosystem. The platform's key innovation is POPcoins, a brand-sponsored rewards currency that users can redeem across multiple partner merchants. Funding Amount: USD 30 Million Investors: Razorpay Mahaveer Finance India Founded in 1981 and led by brothers Praveen and Deepak Dugar, Mahaveer Finance India is a Chennai-based NBFC focused on used commercial vehicle financing. It serves first-time buyers, small fleet owners, and retail customers, enabling them to access funding and grow their transport businesses. With over four decades of experience, the company continues to meet niche financial needs in underserved markets. Funding Amount: USD 24 Million Investors: Elevation Capital, BanyanTree Finance, First Bridge Capital CLR Facility Services Pune-based CLR Facility Services was founded in 2002 by Gaurav and Gautam Pathak. The company offers comprehensive facility management solutions, including cleaning, mechanical and engineering maintenance, and production support. CLR serves clients across industries, ensuring operational efficiency through professional-grade services and workforce management. Funding Amount: USD 15 Million Investors: British International Investment (BII) Techfino Established in 2019 by banking veterans Rajesh Panda, Jayaprakash Patra, and Ratikant Satapathy, Techfino is a Bengaluru-based NBFC using technology to provide tailored lending products. It offers secured loans for MSMEs and unsecured education loans via B2B2C partnerships with educational institutions. Operating in states like Karnataka, Gujarat, and Andhra Pradesh, Techfino has remained profitable since inception. Funding Amount: USD 7.5 Million Investors: Stellaris Venture Partners, Saison Capital Oben Electric Founded in August 2020 by Madhumita Agrawal, Dinkar Agrawal, and Sagar Thakkar, Oben Electric is a Bengaluru-based startup manufacturing electric motorcycles and critical EV components. In addition to battery systems and vehicle control units, the company also provides fast-charging solutions for home use, aiming to build a sustainable and accessible electric mobility ecosystem. Funding Amount: USD 5.76 Million Investors: Helios Holdings, Sharda family office, Kay family, and others Spinny, POP, Mahaveer Finance, CLR Facility Services, Techfino, and Oben Electric each represent the dynamism and resilience of India's startup landscape.
Time of India
20-06-2025
- Business
- Time of India
ETtech Deals Digest: Startups raise $159 million this week, down 7.2% on-year
Startups raised around $159.2 million during the week of June 14 to 20, a 7.2% drop from the $171.6 million raised during the same period last year, according to data from Tracxn . The tally also marked a 0.7% decrease over the $160.3 million raised last week. Deal activity, too, remained muted this week, with 14 transactions recorded during the period. This was less than half of the 36 deals seen in the corresponding week last year. ETtech Top deals of the week Aspora: Y Combinator-backed cross-border payments startup Aspora raised $53 million in Series B funding , co-led by Sequoia and Greylock, with Quantum Light Ventures also contributing to the round. Live Events Pop: Consumer payments platform Pop secured $30 million in funding from digital payments firm Razorpay. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Mahaveer Finance : Chennai-based non-banking finance company Mahaveer Finance raised around $23.1 million in an equity funding round that was led by Elevation Capital , along with participation from Banyan Tree Finance and First Bridge Capital. ETtech
Deccan Herald
20-06-2025
- Automotive
- Deccan Herald
Mahaveer Finance secures Rs 200 Cr funding to accelerate vehicle financing solutions
Chennai, 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 fundraising of Rs 200 crore was led by Elevation Capital with participation from existing investors, including BanyanTree Finance and First Bridge 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 on the occasion, Mahaveer Finance CEO 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.
Entrepreneur
19-06-2025
- Automotive
- Entrepreneur
Mahaveer Finance India Secures INR 200 Cr in Series C Led by Elevation Capital
The fresh capital will be deployed to strengthen Mahaveer's presence in South India, bolster its proprietary tech infrastructure, and serve a broader base of underserved customers who often rely on informal moneylenders. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Chennai-based non-banking financial company (NBFC) Mahaveer Finance India has raised INR 200 crore in a Series C funding round, led by Elevation Capital, with participation from existing investors BanyanTree Finance and First Bridge Capital. The fresh capital will be deployed to strengthen Mahaveer's presence in South India, bolster its proprietary tech infrastructure, and serve a broader base of underserved customers who often rely on informal moneylenders. "This funding milestone validates our four-decade journey of serving the underbanked segments of India's economy," said Deepak Dugar, CEO and Managing Director of Mahaveer Finance. "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." Founded in 1981, Mahaveer Finance India is a family-run NBFC specialising in used commercial vehicle financing, catering to retail customers, first-time buyers, and small fleet operators. Under the leadership of Deepak Dugar and Praveen Dugar, the company has grown its Assets Under Management (AUM) from INR 50 crore in 2016 to around INR 1,000 crore today, supported by its proprietary credit engine SURETY, in-house loan origination system (LOS), and digital payment integration. The brand claims to operate 80+ branches across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, and Puducherry, with a customer base of over 20,000 active borrowers. "Empowering small business owners and first-time vehicle buyers remains our core mission," said Praveen Dugar, CFO and Deputy Managing Director. "It is personally satisfying to have onboarded every noteworthy vehicle financier in the country on our lender list — a strong validation of our credibility and model." Mridul Arora, Partner at Elevation Capital, said, "Mahaveer Finance's deep-rooted understanding of small road transport operators and their commitment to financial inclusion aligns perfectly with our investment thesis of access-driven financial services." With more than 40 lender relationships, including marquee names like State Bank of India, HDFC Bank, and AU Small Finance Bank, Mahaveer Finance is well-positioned to leverage its experience and reputation.
Economic Times
19-06-2025
- Business
- Economic Times
Mahaveer Finance raises Rs 200 crore from Elevation Capital and others
Live Events Chennai-based non-banking finance company Mahaveer Finance has raised Rs 200 crore in an equity funding round that was led by Elevation Capital , along with participation from Banyan Tree Finance and First Bridge Capital This is the first venture funding round for Mahaveer Finance, which was founded in 1981 and is run by brothers Praveen and Deepak Dugar.'With this new funding round, we want to strengthen our governance structure, grow our business and also invest in technology to increase the efficiency of our business execution,' said Praveen Dugar, chief financial officer of Mahaveer the company had raised Rs 75 crore over two rounds from private equity investors Banyan Tree and First Bridge NBFC, which has been offering credit to consumers buying used-commercial and passenger vehicles, wants to diversify into new areas with new products like loan against property (LAP).Between 2016 and 2025, Mahaveer Finance grew its loan book from Rs 50 crore to Rs 1,000 crore and now the firm has set an aim to build a book of Rs 5,000 crore within the next two to three years. It works with large lenders such as State Bank of India HDFC Bank and AU Small Finance Bank The company wants to offer business loans with an average ticket size of Rs 10-15 lakh through a branch-led model. It currently operates in Tamil Nadu, Andhra Pradesh, Telangana and Karnataka. The company said its current network of 80 branches will grow to more than 100 by the end of the firm disburses Rs 75-80 crore per month, which it wants to scale up to Rs 100 crore by the end of this fiscal year. It had closed FY24 with a total revenue of Rs 136 crore and a net profit of Rs 16 crore.
