BENGALURU : Non-banking finance company Namdev Finvest Private Ltd (Namdev) on Tuesday said it has raised $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 who has put in $16 million, with participation from Promoters Group & Employees who have put in about $3 million.
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.
Jitendra Tanwar, managing director & CEO of Namdev, said, “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.”
It plans to go live in Bihar, Chhattisgarh and Uttarakhand this year, Tanwar told Mint.
In January, it raised $15 million in an 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 a total funding of about $41.5 million.
Namdev’s assets under management (AUM) stood at over ₹1,120 crore and it plans to reach AUM of ₹2,500 crore by FY25, Tanwar added. 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.
Aditya Bhandari, partner & regional director, Asia at Incofin Investment Management, said, “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.”
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Published: 02 Apr 2024, 07:15 AM IST