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Jaipur-based non-banking finance company Namdev Finvest has raised USD 37 million (about INR 324 crore) through a mix of listed non-convertible debentures and external commercial borrowings. The funding round saw participation from several domestic and international investors, including FMO, IIX, Franklin Templeton AIF India and Symbiotics.
FMO, the Dutch Entrepreneurial Development Bank, contributed USD 20 million, while Impact Investment Exchange invested USD 8 million through its Women’s Livelihood Bond 7. Franklin Templeton Alternative Investments Fund India provided USD 2.3 million, and Symbiotics invested USD 6.5 million as part of the round.
The latest fundraising follows a series of earlier capital raises by the company. Namdev Finvest had secured USD 19 million in a pre-Series C round led by Maj Invest Financial Inclusion Fund III, with participation from promoters and employees in April 2024. In January 2024, it raised USD 15 million in equity from British International Investment, Incofin India Progress Fund, LC Nueva, along with promoters and staff.
In January last year, the company also raised USD 38 million in debt from development finance institutions, including Developing World Markets, BlueOrchard-managed funds, and Mirova. Earlier rounds included USD 4.7 million in September 2021 and USD 7.5 million in October 2022.
The company said the newly raised funds will be used to expand its MSME lending operations in rural and semi-urban parts of India.
Founded in 2013 by Jitendra Tanwar, Namdev Finvest provides loans to MSMEs, vehicle owners, rooftop solar customers, climate-friendly commuters and women entrepreneurs. It works with public, private and small finance banks, international financial institutions and domestic lenders to diversify its funding sources.
It operates across nine states, focusing on Tier III and smaller cities.
Namdev Finvest operates in a competitive NBFC landscape alongside peers such as Satin Creditcare Network, Arohan Financial Services, Annapurna Finance and MAS Financial Services.
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