PE Fund Investments
NBFC Namdev Finvest raises $20-M led by Maj Invest FInancial Inclusion Fund
Jaipur-headquartered non-banking finance company Namdev Finvest Pvt Ltd has raised USD 20 million in an equity round in its pre-series-C funding. The investment round was led by Maj Invest Financial Inclusion Fund III K/S that has put in USD 16 million. Promoters Group and employees have put in the rest.Founded in 2013 by Jitendra Tanwar, Namdev provides financial solutions to underserved populations in rural areas and has a presence across seven north-western Indian states.It plans to go live in Bihar, Chhattisgarh and Uttarakhand this year.In January, the firm raised USD 15 million in another equity funding round from British International Investment, Incofin India Progress Fund, LC Nueva, some employees and the promoters. With the new round, the NBFC has raised about USD 41.5 million in total.Namdev’s assets under management (AUM) stand at over INR 1,120 crore and it plans to reach AUM of INR 2,500 crore by FY25. The company has recently expanded into green financing and will offer financial solutions to electric vehicles (EVs) as well as solar loans for commercial and residential purposes.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
