Namdev Finvest Private Ltd, a non-banking finance company (NBFC) based in Bengaluru, announced on Tuesday that it has secured $20 million in an equity round as part of its pre-Series C funding.
Maj Invest Financial Inclusion Fund III K/S led the investment round with a contribution of $16 million, while the Promoters Group & Employees also participated, contributing approximately $3 million.
Founded in 2013 by Jitendra Tanwar, Namdev focuses on providing financial solutions to underserved populations in rural areas, operating across seven north-western Indian states.
Jitendra Tanwar, the managing director & CEO of Namdev, expressed confidence in the company’s mission of promoting financial inclusion, stating that the investment reflects the trust of investors in Namdev’s objectives. He mentioned that the funding will facilitate the expansion of their operations into newly targeted rural geographies, including Bihar, Chhattisgarh, and Uttarakhand.
With this recent funding round, Namdev has raised a total of approximately $41.5 million, including a previous $15 million equity funding round in January from investors such as British International Investment, Incofin India Progress Fund, LC Nueva, employees, and promoters.
Namdev aims to increase its assets under management (AUM) from over ₹1,120 crore to ₹2,500 crore by fiscal year 2025. Additionally, the company has diversified its offerings to include green financing, providing financial solutions for electric vehicles (EVs) and solar loans for both commercial and residential purposes.
Aditya Bhandari, partner & regional director, Asia at Incofin Investment Management, emphasized Namdev’s secured loan portfolio, impactful mission, and professional management team, stating that the company continues to attract significant private equity interest. Bhandari expressed confidence in Maj Invest’s potential contribution to Namdev’s growth journey, highlighting a strong working relationship between the two entities.
