Active Stocks
Fri Apr 12 2024 15:57:45
  1. Tata Steel share price
  2. 163.50 -1.00%
  1. NTPC share price
  2. 362.00 -0.32%
  1. ITC share price
  2. 430.10 -1.56%
  1. HDFC Bank share price
  2. 1,518.90 -1.10%
  1. State Bank Of India share price
  2. 766.75 -1.57%
Business News/ Companies / NBFC Namdev Finvest raises $20 million in equity funding
BackBack

NBFC Namdev Finvest raises $20 million in equity 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

The funding round will help the non-banking finance company extend its reach into newly expanded rural geographies.Premium
The funding round will help the non-banking finance company extend its reach into newly expanded rural geographies.

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."

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Samiksha Goel
Samiksha, a seasoned journalist at Mint based in Bengaluru, specialises in covering startup ecosystems. With a keen interest in understanding the dynamics of emerging startups, she seeks out compelling narratives to share with her audience. Previously associated with The Morning Context, Samiksha delved into long-form investigative pieces focusing on consumer internet startups. Her journey in journalism began with contributions to Deccan Herald and New Indian Express, where she covered both startup ventures and the food industry. Drawing from her background in philosophy, Samiksha strives to infuse depth into her storytelling. Outside of work, she enjoys reading books and exploring the diverse cafe culture of Bengaluru. Eager for engaging discussions, Samiksha never misses an email and is always open to conversations.
Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 02 Apr 2024, 07:15 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App