Mahaveer Finance is Non-Banking Finance Company based out of Chennai. It is currently managed by Mr. Dugar and his sons Deepak Dugar and Praveen Dugar. The company predominantly finances used commercial vehicles in the regions of Tamil Nadu, Puducherry and Andhra Pradesh through a network of 20 branches. Mahaveer focuses on standalone owner-drivers operating in the small commercial vehicle segment and finances in Tier-II and III locations. Company has a keen focus on customer retention with the intent of growing with the customer and creating multiple financing opportunities during the life cycle of a customer. Mahaveer has established rigorous credit controls, portfolio monitoring systems and loan recovery systems, which reflects in its gross NPA levels which are much lower than industry benchmarks. At the same time the Company has attractive operating metrics with yields of about 23%.
The Company is well positioned to capitalize on the high growth in the used CV market in states where it operates. BanyanTree’s investment will enable the company to shore up its equity to meet its growth requirement and to expand the portfolio.