Jaipur-based Non-Banking Financial Company (NBFC) Namdev Finvest has raised $38 million in debt funding from leading Development Finance Institutions (DFIs), including Developing World Markets (DWM), BlueOrchard-managed funds (BlueOrchard Microfinance Fund and COVID-19 Emerging and Frontier Markets MSME Support Fund), and Mirova. Notably, this marks Mirova’s debut investment in India.
The newly infused capital will be directed towards diversifying Namdev Finvest’s lending operations, moving beyond conventional domestic banking and NBFC models to serve under-served and unbanked customers in rural and semi-urban areas. Additionally, the funds will support initiatives in clean mobility and renewable energy sectors.
Breaking down the funding contributions, DWM provided $8.25 million, BlueOrchard Finance sanctioned $13 million through its specialised funds, and Mirova, affiliated with Natixis Investment Managers, invested $10 million in debt.
“This funding arrives at a crucial juncture as we expand our focus on climate-centric products,” said Jitendra Tanwar, Managing Director and Chief Executive Officer (CEO), Namdev Finvest.
Founded in 2013, the NBFC offers loans for MSMEs, vehicles, solar projects and small businesses, with a specific emphasis on supporting women entrepreneurs. The company has demonstrated remarkable growth, recording a 92.62 per cent growth rate in FY24 and achieving a net worth of Rs 410 crore. Its current loan portfolio stands at approximately Rs 1,370 crore.
Priyanka Mehrotra, Investment Director, Mirova, commended Namdev Finvest’s innovative model, stating, “Their focus on MSMEs and climate-aligned initiatives positions them as a transformative force in responsible financing.”
Earlier in April 2024, Namdev Finvest raised $19 million from Maj Invest, further cementing its position as a rising player in India’s financial ecosystem.
