Namdev Finvest raises $15 million in Series B funding to boost lending to MSMEs

Funding Alert

Jaipur-based financial platform Namdev Finvest Private Limited has successfully closed its Series B funding round, securing an impressive $15 million. The funding round saw participation from various investors including British International Investment (BII), LC Nueva AIF, promoters and employees of the company, along with existing investor Incofin India Progress Fund.

This non-banking finance company (NBFC) specializes in catering to micro, small and medium enterprises (MSMEs) and aims to use the newly raised capital to further expand its reach, enhance product diversification and invest in technological advancements as stated in official announcement.

Expressing his excitement about the investment, Jitendra Tanwar, Managing Director and CEO, Namdev Finvest said, “With this infusion, we will double our efforts to touch over 100,000 lives by FY25. This significant investment reflects our investors’ confidence in Namdev’s mission to promote financial inclusion.”

Founded in 2013 by Jitendra Tanwar, Namdev Finvest has established itself as a prominent NBFC, providing credit facilities to small and medium enterprises in rural and semi-urban areas through its extensive network of over 100 branches in North West India. The company has successfully disbursed over 50,000 loans ranging from Rs 4 to 7 crore and boasts of an impressive Assets Under Management (AUM) of over Rs 1,000 crore. In addition, Namdev Finvest offers green financing options, including e-mobility and solar loans.

Commenting on the investment, Srini Nagarajan, Managing Director and Head of Asia at BII, said: “Through this commitment, we can not only help improve access to credit for disadvantaged SMEs in Tier II and Tier III cities, but also support sustainable economic growth through Namdev’s New Green Loan Product for EV and Solar Products.”

This latest investment by BII marks its second investment in an MSME-focused lending platform in a month, following the recent Series F round led by BII in December where Aye Finance, another MSME-focused lending startup, raised Rs 310 crore.

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