Namdev Finvest raises $38 mn in fresh capital from DFIs
Advertisement

Namdev Finvest raises $38 mn in fresh capital from DFIs

By Ajay Ramanathan

  • 22 Jan 2025
Namdev Finvest raises $38 mn in fresh capital from DFIs
Jitendra Tanwar, MD and CEO, Namdev Finvest

Jaipur-based MSME lender Namdev Finvest, which is backed by Maj Invest and British International Investment (BII), among others, has raised $38 million (nearly Rs 330 crore) in debt capital from various development finance institutions.  

The company has raised the funds from US-based Developing World Markets (DWM), and BlueOrchard-managed funds like BlueOrchard Microfinance Fund and COVID-19 Emerging and Frontier Markets MSME Support Fund. Global asset management company Mirova also provided the funds.  

Specifically, DWM has contributed $8.25 million in debt funding to Namdev Finvest’s growth strategy. Impact investor BlueOrchard Finance has sanctioned $13 million in debt funding through its two funds. Mirova, which is an affiliate of Natixis Investment Managers, has invested $10 million, making its foray into the Indian market.  

Advertisement

Namdev Finvest will use these funds to diversify its operations beyond traditional domestic bank- and NBFC-lending models, thereby focusing on underserved and unbanked borrowers in rural and semi-urban markets.  

“In addition to supporting clean mobility and renewable energy projects, the investment aligns Namdev Finvest’s efforts with the DFIs’ broader developmental objectives, ensuring a sustainable and inclusive approach to financing,” the company said in a statement.  

Founded by Jitendra Tanwar in 2013, Namdev Finvest focuses on lending to micro, small and medium-sized enterprises (MSME). About 90% of the company’s portfolio comprises secured MSME loans, whereas the remaining is made up of two-wheeler loans and lending towards green and renewable segments.  

Advertisement

The company’s assets under management stood at Rs 1,185 crore as on March 31, clocking an annualised growth rate of 80-90% in the last two financial years. As a result, the bottomline more than doubled to nearly Rs 27 crore in the financial year ended March 2024.  

In the last 12 months, the MSME-focused company has raised $34 million in two separate funding rounds. In April, the company had raised $19 million or around Rs 158 crore in a pre-Series C funding round, led by Danish Asset Management firm Maj Invest. The round also saw participation from the company’s promoter group and employees.  

Earlier in 2024, the company had raised $15 million in a series B funding round from institutional investors like British International Investment and LC Nueva, along with existing backer Incofin India Progress Fund. 

Advertisement

Share article on

Advertisement
Advertisement
Google News Icon

Google News

Follow VCCircle on Google News for the latest updates on Business and Startup News