Namdev Finvest expands loan book with $38M debt round led by DWM, BlueOrchard

Jaipur-based MSME lender Namdev Finvest Pvt. Ltd. has raised $38 million in debt funding as it looks to expand its loan book.

The funding round saw participation from private asset impact investor Developing World Markets (DWM), Swiss microfinance fund manager BlueOrchard, and US-based climate-focused fund Mirova.

DWM contributed $8.25 million, while BlueOrchard Finance Ltd. sanctioned $13 million across two funds—BlueOrchard Microfinance Fund and the COVID-19 Emerging and Frontier Markets MSME Support Fund. Mirova, making its first foray into the Indian market, invested $10 million to support Namdev’s climate-centric lending strategy.

"We deeply value the commitment from Mirova Investments to provide dedicated resources for climate-efficient financing. This comes at the right time, as we at Namdev Finvest are increasing our participation in climate-focused products," Jitendra Tanwar, Managing Director and CEO of Namdev Finvest, said.

The lender, which operates in nine states, including Rajasthan and Gujarat, has a portfolio of approximately Rs 1,370 crore in assets under management (AUM). It finances small businesses, individuals looking to buy two-wheelers, and entrepreneurs seeking to drive e-rickshaws or install solar panels for livelihood purposes.

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This latest round takes Namdev Finvest’s total funding to over $79.5 million. The company has previously raised capital from impact investors, including Belgian development fund Incofin, Lighthouse Canton Nueva Fund, British International Investment, and Maj Invest.

"We see in Namdev Finvest's model the potential for a significant shift in the paradigm of responsible financing in India. Its thematic focus and unique market vision centred on the needs of MSMEs make it a key player in transforming the energy and mobility complexes that we are delighted to support. This is our first mobility investment, and we are confident in the wealth of opportunities that this territory presents." Priyanka Mehrotra, Investment Director at Mirova said.