Jaipur-based non-banking finance company Namdev Finvest has raised $37 million (around ₹324 crore) through a mix of listed non-convertible debentures (NCDs) and external commercial borrowings (ECB), as the lender looks to deepen its MSME lending footprint across rural and semi-urban India.
The funding round saw participation from global development finance institutions and impact-focused investors, including FMO, Impact Investment Exchange (IIX), Franklin Templeton Alternative Investments Fund India, and Symbiotics.
FMO, the Dutch Entrepreneurial Development Bank, led the round with a $20 million commitment, while IIX’s Women’s Livelihood Bond 7 (WLB7) invested $8 million. Franklin Templeton AIF India contributed $2.3 million, and Symbiotics invested $6.5 million as part of the transaction.
Focus on MSME Lending in Underserved Markets
Namdev Finvest said the fresh capital will be deployed to expand its MSME lending operations, with a focus on borrowers in Tier III and smaller cities, where access to formal credit remains limited. The company operates across nine states and serves micro and small entrepreneurs, vehicle owners, rooftop solar customers, climate friendly commuters, and women-led businesses.
Founded in 2013 by Jitendra Tanwar, Namdev Finvest works closely with public and private sector banks, small finance banks, international financial institutions, and domestic lenders to diversify its borrowing base.
Track Record of Institutional Capital
The latest raise follows a $15 million Series B round in January 2024, co-led by British International Investment (BII), LC Nueva AIF, and Incofin India Progress Fund. Prior to that, the company had raised $4.7 million in 2021 and $7.5 million in 2022, reflecting steady investor confidence in its lending model.
Climate and Inclusion-Focused Strategy
Namdev Finvest said it remains focused on financial inclusion, employment generation, and climate-aligned finance, with lending products designed to support sustainable mobility and green energy adoption alongside MSME growth.
Impact-focused NBFCs like Namdev Finvest continue to attract global capital as investors look to combine financial returns with measurable social outcomes in India’s under penetrated credit markets.
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