Non-banking finance company (NBFC) Namdev Finvest has secured $15 million in its Series B funding round co-led by British International Investment (BII), LC Nueva AIF (LC) and existing investor Incofin India Progress Fund.
The Jaipur-based company had previously raised $4.7 million in September 2021 and $7.5 million in October 2022.
The proceeds will be allocated towards expanding its reach, enhancing product diversification, and technology enhancement, Namdev Finvest said in a press release.
Founded in 2013 by Jitendra Tanwar, Namdev Finvest offers commercial vehicle loans, car loans, business loans, two-wheeler loans as well as gold loans, helping unserved and unreached farmers and entrepreneurs to enrich their lives. Namdev Finvest diversifies its funding sources through collaborations with over 40 lenders, including public, private, and small finance banks, international financial institutions, and domestic financial institutions.
Namdev Finvest claims that it has impacted more than 50,000 lives and aims to touch over 100,000 lives by FY25. It also claims to have disbursed over 50,000 loans ranging from Rs 400k to 700k, primarily for income generation, accumulating AUM exceeding Rs 1,000 Cr ($125 Mn).
Namdev Finvest reported revenue of Rs 121.69 crore in FY23 as compared to Rs 74.91 crore in FY22. The profit of the company also increased to Rs 11.99 crore in FY23 from Rs 10.87 crore in the previous fiscal year.
