Namdev Finvest Private Limited (Namdev), a prominent Non-Banking Finance Company (NBFC) that specializes in MSME finance has completed its Series B funding round, and raised USD 15 million. British International Investment (BII), LC Nueva AIF (LC), promoters, and staff all participated in the investment round, as did current investor Incofin India Progress Fund.
Namdev Finvest is positioned for an exciting period of expansion, leveraging this influx of funds to broaden its reach, diversify its product offerings, improve technology, and contribute to the economic empowerment of the underprivileged section.
Jitendra Tanwar, Managing Director & CEO of Namdev, expressed his gratitude and excitement about the latest funding milestone, stating, “Namdev was setup with a mission to simplify access to financial solutions to unserved and underserved businesses. We are proud to have impacted 50,000+ lives by helping them get easy access to credit. Our unique operating model emphasizes on assisting customers formalize their collateral and helps in their social upliftment. We are thankful to BII, LHC, existing investor Incofin and lending partners for their continued support in their journey. With this infusion, we will redouble our efforts to touch 100,000+ lives by FY25. This significant investment reflects the confidence our investors have in Namdev’s mission of fostering financial inclusion. ”
“Supporting financial inclusion and sustainability have been a major pillar of British International Investment ’s (BII) India strategy. Through this commitment, we are able to not only help improve access to credit for more 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.
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Sohil Chand, CIO of LC Nueva AIF said – Namdev is playing a significant role in bridging the ₹25 trillion credit gap in the MSME sector. LC Nueva believes there is a great potential in lending to underserved micro-enterprises and are impressed by Namdev’s profitable growth, asset quality and execution over the last 2 years. We look forward to partnering with Mr. Jitendra and team as they continue to scale this opportunity
“Namdev is embarking on an exciting growth trajectory, and we are thrilled to collaborate with BII and LC Nueva AIF (LC), a partner with profound insights into India’s financial services sector. This equity infusion underscores the unwavering confidence that investors place in Namdev, recognizing it as a top-tier franchise in the financial landscape”, said Aditya Bhandari, Partner & Regional Director, Asia Equity, Incofin Investment Management.
