Namdev Finvest concludes $19M Pre-Series C led by Maj Invest
The Jaipur-based financing platform had closed a Series B funding round this January, securing $15 million.
Non-Banking Financial Company (NBFC) Namdev Finvest Private Limited has concluded its Pre Series-C funding round, securing $19 million in two months after it raised $15 million in a Series B round.
The latest round was led by Maj Invest Financial Inclusion Fund III K/S, with participation from the Promoters Group and employees.
"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," Jitendra Tanwar, Managing Director & CEO of Namdev said in a press release.
Jaipur-based financing platform, had concluded a Series B funding round this January, securing $15 million. The funding round saw participation from British International Investment (BII), LC Nueva AIF, promoters, employees, and existing investor Incofin India Progress Fund.
Founded in 2013 by Jitendra Tanwar, Namdev focuses on delivering financial solutions to underserved populations with low formal incomes and limited credit history. Their portfolio includes tailored business loans for Micro, Small, and Medium Enterprises (MSMEs), along with innovative Green Finance options like e-mobility and solar loans.
Through its network of 100+ branches in North-West India. It has disbursed over 50,000 loans ranging from Rs 4-7 lakh and has an AUM exceeding Rs 1,000 crore.
"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," Siva Vadivelazhagan, Director at Maj Invest Financial Inclusion said.
Edited by Affirunisa Kankudti