The company has so far raised $41.5 million in funding, with $19 million in its last pre-Series C round from Maj Invest in April 2024.
NBFC lender to MSMEs, Namdev Finvest has reported 92.6 per cent growth in its assets under management (AUM) to Rs 1,200 crore in the financial year 2023-24 from the previous fiscal. In a statement, the company added that its net worth grew to Rs 410 crore from Rs 146 crore in FY23. The company has so far raised $41.5 million in funding, with $19 million in its last pre-Series C round from Maj Invest in April 2024.
Headquartered in Jaipur, the Namdev Finvest is present in eight North-Western states including Rajasthan, Gujarat, Madhya Pradesh, Uttar-Pradesh, Delhi, Haryana, Punjab and Uttarakhand, lending to underserved populations with low formal incomes and limited credit history.
The NBFC offers business loans to MSMEs and green finance options such as e-mobility and solar loans.
“Until now, we have disbursed over 50,000 loans ranging from Rs 4 lakh to Rs 7 lakh, primarily for income generation, accumulating an impressive AUM exceeding Rs 1,200 crore in FY24, an almost two-fold increase compared to Rs 623 crore in the last fiscal. Until now, the lending platform has successfully disbursed 85 per cent as secure MSME loans and 15 per cent for green financing and two-wheelers,” said Jitendra Tanwar, Managing Director & CEO, Namdev Finvest in the statement.
Backed by Incofin India Progress Fund, British International Investment and LHC, Namdev Finvest said it diversifies its funding sources through collaborations with over 44 lenders including public, private, and small finance banks, international financial institutions, and domestic financial institutions.
