The company is expected to raise another ₹100 crore in the coming weeks, people in the know said. The details of the valuations are not yet known.
Berar did not immediately respond to Mint’s requests for a comment on the final close of the funding round.
The fresh capital will be used to deepen Berar’s two-wheeler financing presence and expand its secured MSME loan portfolio, a key focus area of growth for the company. While Amicus was the first institutional investor in Berar, it also counts Maj Invest among its backers.
“Our goal is to evolve into a multi-product NBFC with a strong emphasis on growth, profitability, and asset quality,” Berar’s managing director Sandeep Jawanjal said in the statement.
InteQuant Advisors acted as the exclusive financial advisor to Berar and its shareholders on this transaction.
Set up in 1990, Berar is among Nagpur’s oldest vehicle financing NBFCs and promoted by Maroti Gendaru Jawanjar. The company enables financial access to rural and semi-urban households—most earning under $350 per month—to small entrepreneurs, farmers, and small traders, who rely on mobility for income and who need to access capital to grow their enterprises.
While Maroti Gendaru Jawanjar is the executive chairman and has industry experience of nearly four decades, Sandeep Jawanjal is the second generation of the promoter family and has been associated with the company since 2006.
Under his leadership, Berar has scaled to more than 160 branches across nine states over the years and has about ₹1,500 crore in assets under management.
“We look forward to working closely with Berar’s strong leadership team, alongside our co-investors, in their next phase of growth and expand access to responsible finance for the underserved segments in our country,” said Smriti Chandra, regional director at Abler Nordic.
Registered as a deposit-taking NBFC with the Reserve Bank of India (RBI), Berar has access to public deposits, which accounted for around 17% of overall resources as on 31 December 2024, Crisil said in a report in April.
The remaining 83% of the resource profile consists of term loans (68%), non-convertible debentures (6%), cash credit or working capital demand loan (2%) and pass-through certificates (7%).
Its capitalisation has been supported by the infusion of ₹156 crore since inception from family, promoters, and institutional investors such as Maj Invest and Amicus Capital Partners.
The credit rating agency added that the company has established relationships with multiple bankers in recent times, and access to public deposits has also enabled the company to maintain a competitive cost of borrowing.
While operations are concentrated in Maharashtra (around 38% share), Berar has also expanded to Chhattisgarh, Madhya Pradesh, Telangana, Gujarat, Karnataka and Odisha with a foray into secured MSME loans that is at a nascent stage.
Its total assets grew to ₹1,316 crore in FY24 from ₹1,141 crore a year earlier. It posted a net profit of ₹22 crore from ₹17 crore in FY23.
In FY25, the company reported total assets of ₹1,589 crore with a net profit of ₹32 crore, a Crisil report from August showed.
