Namdev Finvest Secures USD 19 Million Funding in Pre Series – C Round
Namdev Finvest Private Limited (Namdev), a pioneering Non-Banking Finance Company (NBFC) dedicated to MSME financial inclusion, is thrilled to announce the successful closure of its Pre Series – C funding round, securing USD 19 million. The investment round was led by Maj Invest Financial Inclusion Fund III K/S, with participation from Promoters Group & Employees.
Established in 2013 by Jitendra Tanwar, a first-generation entrepreneur, Namdev has steadily expanded its presence across seven North-Western Indian states. It focuses on delivering financial solutions to underserved populations with low formal incomes and limited credit history. The company’s commitment to social impact is reflected in its diverse portfolio, featuring tailored business loans for Micro, Small, and Medium Enterprises (MSMEs), along with innovative Green Finance options such as e-mobility and solar loans.
Expressing his gratitude and enthusiasm for this latest funding milestone, Jitendra Tanwar, Managing Director & CEO of Namdev, stated, “This significant investment reflects the confidence our investors have in Namdev’s mission of fostering financial inclusion. This round of funding will help us to extend our reach into newly expanded rural geographies.”
Namdev has achieved remarkable operational and financial achievements, spanning its footprint across seven states and cultivating a robust portfolio exceeding INR 1,120 crore (USD 140 million), supported by stable financials.
Commenting on the investment, Siva Vadivelazhagan, Director at Maj Invest Financial Inclusion remarked, “We are thrilled to be part of Namdev Finvest’s journey towards advancing financial inclusion. Their dedication to serving small businesses and promoting green finance resonates strongly with our values. We’re eager to support their successful track record, leveraging tech-driven underwriting and a cost-effective liability model.”
Aditya Bhandari, Partner & Regional Director, Asia at Incofin Investment Management, highlighted, “Due to its secured nature of loan portfolio, deep impact thesis and professional management team, Namdev continues to attract significant private equity interest. We have a strong working relationship with Maj Invest and firmly trust their potential contribution in the growth journey of Namdev.”
About Namdev Finvest Private Limited:
Namdev Finvest, headquartered in Jaipur, India, is a registered NBFC committed to financial inclusion. Since its inception in 2013, Namdev has been dedicated to providing tailored financial solutions to the underserved segment in rural India, with a primary focus on MSMEs and Green Finance options. Operating seamlessly through 100+ branches spanning seven states in North-West India, Namdev employs a touch and technology (Phygital) loan approval and disbursal system. With a robust track record, Namdev has disbursed over 50,000 loans ranging from INR 400k to 700k, primarily for income generation, accumulating an impressive AUM exceeding INR 1,120 crore.
About Maj Invest:
Maj Invest is a Danish asset management company with about USD 12 bn under management, providing services in asset management and private equity. With headquarters in Copenhagen, Denmark, the company employs approximately 100 highly skilled professionals worldwide. Maj Invest was founded more than 18 years ago and is fully owned by management and employees. The financial inclusion business area is one of the several business areas of Maj Invest and operates on Maj Invest’s regulated institutional platform with its own dedicated team supported by the legal, finance, and administrative departments. The financial inclusion team of eleven people is based in Copenhagen and in regional offices in Lima, Peru and Mumbai, India. Maj Invest Financial Inclusion Fund III K/S, established in 2019, is a sector focused, closed end fund investing growth equity directly into financial institutions in emerging markets around the globe.
Supported by investors such as Incofin India Progress Fund, Maj Invest , BII, and LHC, Namdev Finvest diversifies its funding sources through collaborations with over 44 lenders, including Public, Private, and Small Finance Banks, International Financial Institutions, and Domestic Financial Institutions.
