Mahaveer Finance India Limited, a Chennai-based non-banking financial company (NBFC), has secured ₹200 crore in its Series C funding round. The round was led by Elevation Capital and also saw participation from First Bridge India Growth Fund and Banyantree India Growth Capital Fund.

The investment will help Mahaveer Finance further scale its operations, expand into new geographies, and enhance its technology and credit delivery infrastructure.

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Parties Involved

• Issuer: Mahaveer Finance India Limited

• Lead Investor: Elevation Capital VIII Limited

• Other Investors: First Bridge India Growth Fund, Banyantree India Growth Capital Fund

• Legal Counsel to Issuer: Khaitan & Co

• Legal Counsel to Lead Investor: Shardul Amarchand Mangaldas & Co (SAM)

• Legal Counsel to Existing Investor: SNG & Partners

Advisory Teams

Khaitan & Co (Counsel to Mahaveer Finance)

• Sanchit Agarwal – Partner

• Prerna Kapur – Senior Associate

• Harshita Saraf – Senior Associate

• Shivangi Mishra – Associate

Shardul Amarchand Mangaldas & Co (Counsel to Elevation Capital)

• Manav Nagaraj – Partner (Lead)

• Hemant Krishna – Partner

• Tarun Reddy – Senior Associate

• Shourya Pratap Singh Tomar – Associate

Due Diligence Team:

• Krishna – Lead

• Dhruv Khurana – Senior Associate

• Shourya Pratap Singh Tomar – Associate

NBFC Regulatory Support:

• Veena Sivaramakrishnan – Partner

• Dhananjai Charan – Counsel

SNG & Partners (Counsel to Banyantree Funds)

• Aditya Vikram Dua – Partner & Head, Financial Services

• Aniket Sawant – Associate Partner

• Shivansh Jain – Associate

Key Transaction Highlights

• The funding round saw a mix of primary and secondary investments.

• Mahaveer Finance plans to deploy the capital toward expanding its used commercial and passenger vehicle loan book.

• The company aims to improve its digital lending capabilities and widen its distribution network across India.

Strategic Significance

Mahaveer Finance is one of the few NBFCs in the country with a stronghold in the used vehicle financing sector. With over 60 branches across Tamil Nadu, Andhra Pradesh, Karnataka, and Telangana, it has served over 15,000 active customers. This round of funding is poised to deepen its market penetration and support growth in underserved segments.

For Elevation Capital and other participating investors, the investment underscores the growing investor interest in niche, asset-backed financing sectors driven by rising rural and semi-urban demand.

Why It Matters

This Series C round is not only a vote of confidence in Mahaveer Finance’s business model but also highlights legal complexity in multi-investor NBFC transactions. The deal involved regulatory navigation, due diligence, and strategic rights structuring — showcasing the expertise of all three advising law firms in India’s high-growth financial services landscape.

About the Parties

• Mahaveer Finance: A Chennai-based NBFC specialising in used commercial vehicle loans.

• Elevation Capital: A leading venture capital firm with significant investments in India’s fintech and financial services sectors.

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Disclaimer

This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.