Maj Invest led the pre-Series C fundraising round, which also included participation from the company’s promoters and present employees. The fundraising effort takes place barely two months after Namdev raised $15 million in its Series B funding round from investors including LC Nueva AIF and British International Investment. Namdev Finvest, established in 2013, provides business loans to MSMEs as well as green finance choices to clients in rural areas.
Namdev Finvest, a non-banking financial corporation (NBFC), has raised $19 million (approximately INR 158.4 crore) in a pre-Series C funding round led by Danish asset management business Maj Invest.
The company’s promoters and present workers also participated in the fundraising round.
Namdev will use the new funds to expand its footprint in rural areas.
Namdev is a rural India-focused nonbanking financial institution (NBFC) that was founded in 2013 by Jitendra Tanwar. It provides business loans to MSMEs and green financing solutions, including loans for solar and e-mobility products.
The firm claims to have progressively increased its footprint across seven northwestern Indian states, focusing on financial solutions for the disadvantaged group with low formal incomes and a poor credit history.
The fundraising effort takes place barely two months after Namdev raised $15 million in its Series B funding round from investors including LC Nueva AIF and British International Investment.
Namdev founder, managing director, and CEO Tanwar commented on the current funding round, saying, “This major investment underlines our investors’ faith in Namdev’s aim of promoting financial inclusion. This round of funding will allow us to expand our presence into freshly extended rural geographies.
Maj Invest’s director Siva Vadivelazhagan stated, “Their (Namdev’s) commitment to assisting small businesses and developing green finance is firmly aligned with our principles. We’re excited to continue their outstanding track record by employing technology-driven underwriting and a cost-effective liability strategy.”
The Jaipur-based NBFC claims to have over 100 branches spread across seven states in northwestern India, as well as INR 1,120 Cr ($140 Mn) in assets under management. It also claims to have disbursed over 50,000 loans ranging from INR 4 lakh to INR 7 lakh so far.
The financing comes at a time when fintechs remain popular among investors. In Q1 2024, the industry received $460 million in investment from 31 agreements, despite the fact that funding winter continued to weaken market optimism.
During the quarter, notable fintech investments included the $120 million mega fundraising round by Avanse Finance and the $80 million fundraising by fintech SaaS startup Perfios.
