Namdev Finvest Pvt Ltd said Monday it has raised $15 million (Rs 124.6 crore) in a Series B funding round from institutional investors including British International Investment (BII) and LC Nueva as well as existing backer Incofin India Progress Fund.
The Jaipur-based non-banking finance company (NBFC) aims to deploy the capital for product expansion, development of its technological stack and expand its reach across geographies, according to its statement.
Namdev, founded by Jitender Tanwar in 2013, focuses on lending to micro, small and medium enterprises (MSMEs). It offers green finance options, including e-mobility and solar loans.
“With this infusion, we will redouble our efforts to touch 100,000 lives by FY25,” said Tanwar, managing director and chief executive officer, Namdev Finvest.
Spark Financial Holdings advised the company on the transaction.
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 1,000 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.
“Through this investment, we are able to not only help improve access to credit for underserved MSMEs in Tier II and Tier III cities but also promote sustainable economic growth through Namdev’s new green loan product for EV and solar products,” said Srini Nagarajan, managing director and head of Asia at BII.
This is the second investment by BII in the financial services space in a month. In December, the UK's development finance institution led a Rs 310-crore Series F funding round in micro-enterprise fintech startup Aye Finance. The round also saw participation from The Waterfield Fund of Funds and Aye’s existing shareholder A91 Partners.
