NBFC Namdev Finvest Secures USD 19 Mn in Pre-Series C Led by Maj Invest With the raised funds, the Jaipur-based platform aims to extend its reach into newly expanded rural geographies.
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MSME-focused non-banking financial company (NBFC) Namdev Finvest has announced the raising of USD 19 million in a pre-Series C funding led by private equity player Maj Invest Financial Inclusion Fund III K/S. Promoters and employees also participated in the round.
It raised USD 15 million in an equity fundraising round in January from British International Investment, Incofin India Progress Fund, LC Nueva, some employees, and the promoters.
Jitendra Tanwar, Managing Director and CEO of Namdev Finvest, said, "This significant investment reflects the confidence our investors have in Namdev's mission of fostering financial inclusion. This round of funding will help us extend our reach into newly expanded rural geographies."
Founded in 2013 by Jitendra Tanwar, Namdev operates in seven northwestern Indian states and offers financial solutions to underprivileged communities in rural areas.
The platform claims to offer green finance solutions like solar and e-mobility loans, as well as customised business loans for MSMEs.
With more than 100 branches, Namdev claims to have disbursed over 50,000 loans totaling between INR 4 lakh and INR 7 lakh, mostly for the purpose of generating revenue. As a result, the amount of assets under management, or AUM, has surpassed INR 1,120 crore.
Aditya Bhandari, Partner and Regional Director, Asia at Incofin Investment Management, said, "Due to its secured nature of loan portfolio, deep impact thesis, and professional management team, Namdev continues to attract significant private equity interest. We have a strong working relationship with Maj Invest and firmly trust their potential contribution to the growth journey of Namdev."
