Monday, February 26, 2024
HomeInsightFunding Alert Jaipur-based Namdev Finvest Raises $15 Mn Series B Funding

[Funding alert] Jaipur-based Namdev Finvest Raises $15 Mn Series B Funding

Non-Banking Finance Company (NBFC) Namdev Finvest has secured 15 million in Series-B funding round. The funding round co-led by British International Investment (BII), LC Nueva AIF (LC), promoters, employees, and the continued support of existing investor Incofin India Progress Fund.

Non-Banking Finance Company (NBFC) Namdev Finvest has secured 15 million in Series-B funding round. The funding round co-led by British International Investment (BII), LC Nueva AIF (LC), promoters, employees, and the continued support of existing investor Incofin India Progress Fund.

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The funding will be used to broaden its customer base, improve product variety, and advance technology, according to RBI-registered Namdev Finvest.

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Jitendra Tanwar, managing director and CEO of Namdev expressed his gratitude and excitement about the latest funding milestone, stating, “Our unique operating model emphasizes on assisting customers formalise their collateral and helps in their social upliftment. With this infusion, we will redouble our efforts to touch 100,000+ lives by FY25. This significant investment reflects the confidence our investors have in Namdev’s mission of fostering financial inclusion. “

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“Supporting financial inclusion and sustainability has been a major pillar of British International Investment’s (BII) India strategy. 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,” said Srini Nagarajan, managing director and head of Asia at BII.

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“Namdev is embarking on an exciting growth trajectory, and we are thrilled to collaborate with BII and LC Nueva AIF (LC), a partner with profound insights into India’s financial services sector. This equity infusion underscores the unwavering confidence that investors place in Namdev, recognising it as a top-tier franchise in the financial landscape”, said Aditya Bhandari, partner, and regional director, of Asia Equity, Incofin Investment Management.

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About Namdev Finvest

Founded in 2013 by Jitendra Tanwar, headquartered in Jaipur with branch network in Rajasthan, Gujarat and Punjab. Namdev Finvest offers loans for income generating assets which creates a financial discipline and enhances the livelihoods for borrows. Namdev caters to customers in rural and semi-urban locations helping customers realise their entrepreneurial dreams. Namdev aim to support and create enabling opportunities for MSME businesses as they are key to transform rural India or Bharat -where the majority of Indians live.

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