Dugar Finance raises pre-Series A funding led by HegdInvst
31 Mar 2026, 11:53 AMThe Chennai-based company will deploy the fresh capital to strengthen technology infrastructure, advance analytics-led underwriting, build centralised risk systems, and hire senior talent across critical functions.
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Non-banking financial company (NBFC) Dugar Finance has raised $5 million (Rs 45 crore) in a pre-Series A funding round led by HegdInvst, a Category II AIF focused on growth equity investments.
The Chennai-based company will deploy the fresh capital to strengthen technology infrastructure, advance analytics-led underwriting, build centralised risk systems, and hire senior talent across critical functions.
Dugar Finance is led by Ramesh Dugar and operates as an impact-focused, non-deposit-taking NBFC across multiple states in India. The company specialises in secured MSME and commercial vehicle financing aimed at income generation, with a strong presence in tier 3 and tier 4 markets. It supports micro-entrepreneurs, small businesses, and first-time commercial vehicle drivers who remain underserved by formal credit.
While mainly focused commercial and passenger vehicle finance, the company is expanding into secured MSME lending to build a more balanced and diversified loan book. Dugar Finance currently operates across six states and is targeting Rs 2,000 crore in AUM over the next 3–4 years, while aiming to maintain GNPA below 2% and RoA in the 4-5% range.
Dugar Finance had previously raised $18 million (approximately Rs 160 crore) in a debt funding round led by Swiss-based investor Symbiotics, with participation from Union Bank of India and Karur Vysya Bank in December last year. It also raised $3 million in debt from the $75 million Green Basket Bond issued by Symbiotics Investments in June last year.
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