In its Series B funding round, LC Nueva AIF (LC), British International Investment (BII), and current investor Incofin India Progress Fund co-led Namdev Finvest, an NBFC, secured $15 million.
Previously, in September 2021 and October 2022, the Jaipur-based company had raised $4.7 million and $7.5 million, respectively.
The funds will be used to broaden its customer base, improve product variety, and advance technology, according to a press release from Namdev Finvest.
Jitendra Tanwar founded Namdev Finvest in 2013 with the goal of assisting underserved and unreached farmers and business owners to improve their lives. The company offers loans for cars, trucks, businesses, motorcycles, and gold. By working with more than 40 lenders—public, private, and small finance banks as well as foreign and domestic financial institutions—Namdev Finvest is able to diversify its funding sources.
Over 50,000 lives have reportedly been touched by Namdev Finvest, and by FY25, the organization hopes to have touched over 100,000. Also, it states that it has disbursed more than 50,000 loans, with amounts ranging from Rs 400k to Rs 700k, mostly for the purpose of generating income, building up an AUM of more than Rs 1,000 Cr ($125 Mn).
Compared to Rs 74.91 crore in FY22, Namdev Finvest reported revenue of Rs 121.69 crore in FY23. The company’s profit also grew, from Rs 10.87 crore in the previous fiscal year to Rs 11.99 crore in FY23.
