Mumbai, June 16, 2025 – BanyanTree, a leading mid-market private equity firm, announced today that its portfolio company Mahaveer Finance has raised fresh equity funding from Elevation Capital, with continued participation from BanyanTree via its third fund. This transaction marks up the investment from BanyanTree’s earlier fund (Fund II) to 8x and reflects continued conviction in the company’s next phase of growth. This investment mirrors the success BanyanTree experienced with SK Finance (5x MOIC), where it was the first institutional investor.
This follows liquidity events for BanyanTree over the past 18 months, including exits from Popular Vehicles [10x], GPT Healthcare [13x], Nspira - Narayana Group [2.5x], Astaberry [2.5x], and Origami [3x]. BanyanTree is also on track to chart another multi-bagger exit in Rotomag Enertec.

About Mahaveer Finance
Mahaveer Finance, a Non-Banking Financial Company (NBFC) specializing in used commercial vehicle financing, has scaled 12x to INR 1,000 crores+ in Assets Under Management (AUM) since BanyanTree’s initial investment. The company operates a network of 75+ branches across 60 districts in Tamil Nadu, Andhra Pradesh, Telangana, and Puducherry. It has built a granular, diversified lending portfolio with an average ticket size of INR 5–6 lakh, supported by a strong liability base of over 40 lending partners.
Mahaveer has delivered over 40% AUM CAGR, with industry-best return metrics (ROA of 3.5%+, ROE of 15%+), while serving an underserved customer base — including borrowers that rely solely on their vehicles for income.

About BanyanTree
Founded in 2008, BanyanTree is focused on investing in mid-market companies in India. With USD 300 million+ raised across three funds, BanyanTree invests growth capital for significant minority stakes and, in select cases, undertakes control transactions, targeting underserved niches and geographies. The firm is committed to driving positive developmental outcomes through a strong focus on ESG principles and alignment with the UN Sustainable Development Goals (SDGs). BanyanTree’s investor base includes some of the world’s largest development finance institutions, sovereign wealth funds, fund-of-funds, development funds, and insurance companies.