Non banking financial company (NBFC) Namdev Finvest Private Limited on Monday (January 22) said it has raised $15 Mn (INR 124 Cr) as a part of its Series B funding round from a host of institutional investors, including British International Investment and LC Nueva AIF, with participation from existing backer Incofin India Progress Fund.
The Jaipur-based startup plans to use the fresh funds to expand its reach, strengthen product diversification and technology enhancement.
Founded by Jitendra Tanwar in 2014, Namdev offers financial solutions in rural India, with a primary focus on MSMEs and green finance options.
“We are proud to have impacted more than 50,000 lives by helping them get easy access to credit. Our unique operating model emphasises on assisting customers formalise their collateral and helps in their social upliftment,” said Tanwar.
He further added that this funding will help the fintech startup to redouble its efforts to touch more than 100,000 lives by FY25.
The startup claims to have steadily expanded its footprint across seven north west Indian states, focusing on providing financial solutions to the underserved segment with low formal incomes and limited credit history.
Namdev further said that it operates via more than 100 branches spanning seven states in north west India, deploying a phygital loan approval and disbursal system. He claims to have disbursed over 50,000 loans ranging from INR 4 Lakh to INR 7 Lakh, primarily for income generation, accumulating an impressive AUM exceeding INR 1,000 Cr ($125 Mn).
Backed by investors including Incofin India Progress Fund, BII, and LHC, Namdev diversifies its funding sources through collaborations with over 40 lenders, including public, private, and small finance banks, international financial institutions, and domestic financial institutions.
The funding comes at a time when the lendingtech segment in the fintech sector is witnessing growth.
According to Inc42’s State Of Indian Fintech Report, the lendingtech market occupies 60% of the fintech market in India and is expected to reach $1.3 Tn by 2030 exhibiting a 22% CAGR.
The post NBFC Namdev Finvest Bags $15 Mn To Ramp Up Its Offerings For MSMEs appeared first on Inc42 Media.
