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Namdev Finvest raises $19m in Pre-Series C funding round

By Gloria Mathias

April 04, 2024

  • Finance news
  • fintech funding
  • Fintech news

Namdev Finvest, fitech News, Investment News, Fintech News, Fintech Solutions, Fintech Funding, India Fintech Funding, Finance News, Pre-series funding Namdev Finvest Private (Namdev), a non-banking finance company (NBFC) dedicated to MSME financial inclusion, has announced the successful closure of its pre-series C funding round, securing $19 million.

The investment round was led by Maj Invest Financial Inclusion Fund III K/S, with participation from Promoters Group & Employees.

Established in 2013 by Jitendra Tanwar, Namdev has steadily expanded its presence across seven North-Western Indian states. It focuses on delivering financial solutions to underserved populations with low formal incomes and limited credit histories. The company’s commitment to social impact is reflected in its diverse portfolio, which features tailored business loans for micro, small, and medium enterprises (MSMEs) and innovative green finance options such as e-mobility and solar loans.

Jitendra Tanwar, Managing Director & CEO of Namdev, stated, “This significant investment reflects the confidence our investors have in Namdev’s mission of fostering financial inclusion. This funding round will help us extend our reach into newly expanded rural geographies.”

Namdev has achieved operational and financial achievements, spanning its footprint across seven states, and cultivating a robust portfolio exceeding INR 1,120 crore ($140 million), supported by stable financials.

Siva Vadivelazhagan, Director at Maj Invest Financial Inclusion, shared, “We are thrilled to be part of Namdev Finvest’s journey towards advancing financial inclusion. Their 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.”

Aditya Bhandari, Partner & Regional Director, Asia at Incofin Investment Management, highlighted, “Due to its secured nature of loan portfolio, deep impact thesis and professional management team, Namdev continues to attract significant private equity interest. We have a strong working relationship with Maj Invest and firmly trust their potential contribution in the growth journey of Namdev.”

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