Namdev Finvest raises $15 million funding in Series B round

Non-banking finance company (NBFC) Namdev Finvest Private Limited (Namdev) has raised $15 million in its Series B round of funding, the company announced on Monday, January 22, 2024.

New investors like British International Investment (BII) and LC Nueva AIF (LC) participated in the round along with existing investor Incofin India Progress Fund, Namdev informed through a press note.

The UK's development finance institution, BII, has invested a second time in a financial services company within a month. In December 2023, BII had participated in a Rs 310 crore funding round of fintech startup, Aye Finance.

"Namdev is playing a significant role in bridging the ₹25 trillion credit gap in the MSME sector. LC Nueva believes there is great potential in lending to underserved micro-enterprises and is impressed by Namdev’s profitable growth, asset quality, and execution over the last 2 years. We look forward to partnering with Jitendra and his team as they continue to scale this opportunity," said Sohil Chand, CIO of LC Nueva AIF.

Jaipur-headquartered Namdev is an RBI-registered NBFC providing financial solutions focused on MSMEs. The company was started in 2013, and since then, it has been providing tailored financial solutions to the underserved segment in rural India, with a primary focus on MSMEs and Green Finance options.

Namdev has disbursed over 50,000 loans ranging from Rs 400K to 700K, primarily for income generation, accumulating an impressive AUM exceeding Rs 1,000 crore ($125 million). The company runs through its over 100 branches in seven states in north-west India.

In October 2022, Namdev had raised $7.5 million from Symbiotics Investments, which subscribed a Green Bond issued by Namdev Finvest Private Limited (NFPL), an NBFC in Rajasthan.