Namdev Finvest raises $38 mn in fresh capital from DFIs

By Ajay Ramanathan

  • 22 Jan 2025
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.  

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.  

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.