NBFC Namdev Finvest Bags $19 Mn To Deepen Presence In Rural India

Non-banking financial company (NBFC) Namdev Finvest has secured $19 Mn ( around INR 158.4 Cr) in its pre-Series C funding round, led by Danish asset management company Maj Invest.

The funding round also saw participation from the company’s promoter group and current employees. 

Namdev will utilise the fresh capital to bolster its presence in rural areas.

Founded in 2013 by Jitendra Tanwar, Namdev is a rural-India focussed NBFC that offers business loans to micro, small, and medium enterprises (MSMEs) as well as green financing options such as loans for emobility and solar products.

The fundraise comes just two months after Namdev raised $15 Mn as part of its Series B funding round from British International Investment, LC Nueva AIF, among others.

Commenting on the latest funding raise, Namdev founder, managing director and CEO Tanwar 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 to extend our reach into newly expanded rural geographies.” 

Maj Invest’s director Siva Vadivelazhagan said, “Their (Namdev’s) dedication to serving small businesses and promoting green finance resonates strongly with our values. We’re eager to support their successful track record, leveraging tech-driven underwriting and a cost-effective liability model.”

The Jaipur-based NBFC claims to have more than 100 branches spanning seven states in north-west India and assets under management (AUM) worth INR 1,120 Cr ($140 Mn). It also claims to have disbursed more than 50,000 loans in the range of INR 4 Lakh to INR 7 Lakh so far. 

The fundraise comes at a time when fintechs continue to be a favourite of the investors. The sector lapped up $460 Mn across 31 deals in Q1 2024, even as funding winter continued to dampen the overall market sentiment. 

Notable fintech investments during the quarter included Avanse Finance’s mega funding round of $120 Mn and a $80 Mn fundraise by fintech SaaS startup Perfios.

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