Jaipur-based financial platform Namdev Finvest Private Limited has successfully concluded its Series B funding round, securing a substantial $15 million. The funding round saw participation from various investors, including British International Investment (BII), LC Nueva AIF, the company’s promoters and employees, along with existing investor Incofin India Progress Fund. Specializing in serving Micro, Small, and Medium Enterprises (MSMEs), this non-banking financial company (NBFC) plans to utilize the newly acquired capital to expand its reach, diversify its product offerings, and invest in technological advancements, according to an official statement.

Founded in 2013 by Jitendra Tanwar, Namdev Finvest has emerged as a prominent non-banking financial company (NBFC), providing credit facilities to MSMEs in rural and semi-urban areas through an extensive network of over 100 branches in North-West India. The company has successfully disbursed more than 50,000 loans ranging from Rs 4-7 lakh and boasts an impressive Assets Under Management (AUM) exceeding Rs 1,000 crore. In addition to its conventional offerings, Namdev Finvest provides green finance optionsd, including e-mobility and solar loans.

In response to the investment, Srini Nagarajan, Managing Director and Head of Asia at BII, commented, "Through this commitment, we cannot only help improve access to credit for more underserved MSMEs in Tier II and Tier III cities but also promote sustainable economic growth through Namdev’s new green loan product for EV and solar products". This recent investment by BII marks its second investment in an MSME-focused lending platform within a month, following the Series F round led by BII in December, where Aye Finance, another MSME-focused lending startup, raised Rs 310 crore.