Namdev Finvest Private Limited, a Jaipur-based non-banking financial company (NBFC), has made headlines by raising $15 million in its Series B funding round co-led by British International Investment (BII), Incofin India Progress Fund (an existing investor) and LC Nueva AIF (LC).

As per the financing platform, the freshly raised capital will be used to expand its reach, enhance product diversification, and invest in technology enhancements.

Namdev Finvest Private Limited | Promoting Financial Inclusion

Founded by Jitendra Tanwar in 2013, Namdev Finvest is a Jaipur-based NBFC which caters to Micro, Small, and Medium Enterprises (MSMEs) in rural and semi-urban areas through its network of 100+ branches in North-West India.

The financial platform offers solutions ranging from commercial vehicle loans, car loans, business loans, two-wheeler loans as well as gold loans, helping unserved and unreached farmers and entrepreneurs to enrich their lives.

Speaking on the development, Jitendra Tanwar, Managing Director & CEO of Namdev Finvest, highlighted that the fresh capital infusion would enable the startup to redouble its efforts to touch 100,000+ lives by FY25. Tanwar also emphasized that the significant investment reflects the confidence the investors have in Namdev’s mission of fostering financial inclusion.

Statement from the Investor

Commenting on the development, Srini Nagarajan, Managing Director and Head of Asia at BII, said,

“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.”

The Jaipur-based NBFC claims to have disbursed over 50,000 loans ranging from Rs 4-7 lakh and has an AUM exceeding Rs 1,000 crore. Namdev Finvest also provides green finance options, including e-mobility and solar loans. In FY23, the Jaipur-based NBFC reported revenue of Rs 121.69 crore as compared to Rs 74.91 crore in FY22. The profit of Namdev Finvest also increased in FY23 to Rs 11.99 crore from Rs 10.87 crore in the previous fiscal year.

This investment in Namdev Finvest marks the second capital infusion by the UK’s development finance institution, BII, in an MSME-focused lending platform within a month. In December last year, BII invested in the Series F round of Aye Finance, another MSME-focused lending startup.

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