Namdev Finvest Pvt Ltd, which operates the eponymous non-banking financial company (NBFC), Tuesday said it has raised $19 million (Rs 158 crore) in a pre-Series C funding round.
The round was led by Danish asset management firm Maj Invest, through Maj Invest Financial Inclusion Fund III K/S, and also saw participation from the company’s promoter group and employees.
The funding comes nearly two months after the Jaipur-based NBFC raised $15 million (Rs 124.6 crore) in a Series B funding round from institutional investors like British International Investment (BII) and LC Nueva, along with existing backer Incofin India Progress Fund.
Namdev Finvest was founded by Jitender Tanwar in 2013 and it focuses on lending to micro, small and medium enterprises (MSMEs). It offers green finance options, including e-mobility and solar loans.
"This round of funding will help us to extend our reach into newly-expanded rural geographies," said Tanwar, who is also the managing director and chief executive officer of Namdev Finvest.
The company has a presence across seven states in the northwestern region of India, with around 100 branches. It claims to have disbursed over 50,000 loans ranging from Rs 400,000 to Rs 700,000 and has Rs 1,120 crore in assets under management.
In 2021, the startup had secured Rs 35 crore in a Series A funding round from Belgium-based Incofin Investment Management.
“Namdev’s dedication to serving small businesses and promoting green finance resonates with our values. We're eager to support their successful track record, using tech-driven underwriting and a cost-effective liability model,” added Siva Vadivelazhagan, director, Maj Invest Financial Inclusion.
Maj Invest Financial Inclusion Fund III K/S was established in 2019. It is a sector-focused, closed-end fund investing growth equity directly into financial institutions in emerging markets around the globe.
In 2022, the firm led the Rs 100-crore funding round of two-wheeler financing company Berar Finance Ltd.
Some of its previous bets in India are banking correspondence firms SAVE Solutions Pvt. Ltd, BASIX Sub-K iTransactions, and microlender Aye Finance.
