Jaipur-based non-banking finance company (NBFC), Namdev Finvest, has successfully raised $15 million in its Series B funding round, marking a significant milestone for the company. The funding was co-led by British International Investment (BII), LC Nueva AIF (LC), and Incofin India Progress Fund, an existing investor in the company.
This latest round of funding comes on the heels of previous successful funding rounds for Namdev Finvest. In September 2021, the company raised $4.7 million, followed by another substantial round of $7.5 million in October 2022. The infusion of $15 million in Series B funding is earmarked for strategic initiatives aimed at expanding the company’s outreach, enhancing product diversification, and advancing technological capabilities, according to a press release from Namdev Finvest.
Founded in 2013 by Jitendra Tanwar, Namdev Finvest has positioned itself as a key player in the financial sector, offering various financial products such as commercial vehicle loans, car loans, business loans, two-wheeler loans, and gold loans. The company focuses on serving unserved and unreached segments of the population, particularly farmers and entrepreneurs, to enrich their lives.
Namdev Finvest adopts a collaborative approach to diversify its funding sources, engaging with more than 40 lenders, including public, private, and small finance banks, international financial institutions, and domestic financial institutions. Through these partnerships, the company has established a robust ecosystem facilitating financial support for its diverse customer base.
The company takes pride in its social impact, claiming to have positively affected the lives of more than 50,000 individuals. Looking ahead, Namdev Finvest aims to extend its reach and touch the lives of over 100,000 people by the fiscal year 2025. The company has disbursed over 50,000 loans ranging from Rs 400,000 to 700,000, primarily towards income generation, resulting in accumulated Assets Under Management (AUM) exceeding Rs 1,000 crore ($125 million).
Financially, Namdev Finvest has demonstrated robust performance, reporting a revenue of Rs 121.69 crore in FY23, a substantial increase from Rs 74.91 crore in the previous fiscal year (FY22). The company’s profitability also witnessed growth, with a reported profit of Rs 11.99 crore in FY23, up from Rs 10.87 crore in the preceding fiscal year.
Namdev Finvest’s successful Series B funding round underscores investors’ confidence in the company’s vision, strategy, and impactful financial inclusion initiatives. As the company continues to grow and evolve, it is poised to play a pivotal role in reshaping the financial landscape and fostering economic empowerment for underserved communities.
