Namdev Finvest Raises $15 Million in Series B Funding to Boost MSME Lending

• ByStartupStory     |    January 22, 2024

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

This non-banking financial company (NBFC) specializes in catering to Micro, Small, and Medium Enterprises (MSMEs) and aims to utilize the newly acquired capital to further expand its reach, enhance product diversification, and invest in technological advancements, as stated in an official statement.

Jitendra Tanwar, Managing Director & CEO of Namdev Finvest, expressed his enthusiasm about the investment, stating, “With this infusion, we will redouble our efforts to touch 100,000+ lives by FY25. This significant investment reflects the confidence our investors have in Namdev’s mission of fostering financial inclusion.”

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

Commenting on the investment, Srini Nagarajan, Managing Director and Head of Asia at BII, stated, “Through this commitment, we cannot only help improve access to credit for more underserved MSMEs in Tier II and Tier III cities but also promote 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 within 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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