Namdev Finvest secures USD 19 million funding in pre series-C round

Namdev Finvest Private Limited (Namdev), a non-banking finance company (NBFC) dedicated to MSME financial inclusion, has announced the successful closure of its Pre Series-C funding round, securing USD 19 million on Wednesday. The investment round was led by Maj Invest Financial Inclusion Fund III K/S, with participation from Promoters Group & Employees. 

Namdev Finvest Private Limited: Company Background 

Established in 2013 by Jitendra Tanwar, Namdev has steadily expanded its presence across 7 North-Western Indian states. The company focuses on delivering financial solutions to underserved populations with low formal incomes and limited credit history. The company's portfolio features tailored business loans for Micro, Small, and Medium Enterprises (MSMEs), along with innovative Green Finance options such as e-mobility and solar loans. 

Commenting on the funding milestone, Jitendra Tanwar, Managing Director & CEO of Namdev, stated, "This significant investment reflects the  confidence our investors have in Namdev's mission of fostering financial inclusion. This round of funding will help us to extend our reach into newly expanded rural geographies." 

Namdev has achieved its footprint across 7 states and built a robust portfolio exceeding Rs 1,120 crore (USD 140 million), supported by stable financials. 

Commenting on the investment, Siva Vadivelazhagan, Director at Maj Invest Financial Inclusion, remarked, “We are thrilled to be part of Namdev Finvest's journey towards advancing financial inclusion. Their dedication to serving small businesses and promoting green finance resonates strongly with our values. We're eager to support their successful track record, leveraging tech-driven underwriting and a cost-effective liability model.” 

Aditya Bhandari, Partner & Regional Director, Asia at Incofin Investment Management, highlighted, “Due to its secured nature of loan portfolio, deep impact thesis and professional management team, Namdev continues to attract significant private equity interest. We have a strong working relationship with Maj Invest and firmly trust their potential contribution in the growth journey of Namdev.”