NBFC Namdev Finvest raises $37 Mn from FMO, IIX, others

Jaipur-based non-banking finance company (NBFC) Namdev Finvest has raised $37 million (approximately Rs 324 crore) through a combination of listed non-convertible debentures (NCDs) and external commercial borrowings (ECB). The round included participation from FMO, IIX, Franklin Templeton AIF India, and Symbiotics.

FMO, the Dutch Entrepreneurial Development Bank, contributed $20 million (around Rs 180 crore), while Impact Investment Exchange’s (IIX) Women’s Livelihood Bond 7 (WLB7) invested $8 million (approximately Rs 71 crore). The company also raised $2.3 million from Franklin Templeton Alternative Investments Fund India (Franklin Templeton AIF) and $6.5 million from Symbiotics.

Previously, Namdev Finvest raised $15 million in a Series B funding round in January 2024, co-led by British International Investment (BII), LC Nueva AIF, and existing investor Incofin India Progress Fund. It had earlier raised $4.7 million in September 2021 and $7.5 million in October 2022.

The funds will be used to expand its MSME lending operations across rural and semi-urban markets in India, the company said in a press release.

Founded in 2013 by Jitendra Tanwar, Namdev Finvest provides loans to MSMEs, vehicle owners, climate-friendly commuters, rooftop solar customers, and women entrepreneurs. The company works with public, private, and small finance banks, international financial institutions, and domestic lenders to diversify its funding sources.

Namdev Finvest focuses on borrowers in Tier III and smaller cities across India. It operates in nine states.

The company said it aims to improve access to credit, support employment generation, and contribute to financial inclusion.

According to Namdev Finvest, the platform supports MSME lending with a focus on climate-aligned and green finance. It plans to expand its operations and support entrepreneurs across the country.