Jaipur-based NBFC firm Namdev Finvest raises $37 million from domestic and global investors

Jaipur-based non-banking finance company (NBFC) Namdev Finvest Private Limited has raised $37 million, around Rs 324 crore, through a mix of listed non-convertible debentures and external commercial borrowings.

The funding round saw participation from domestic and global investors including FMO, Impact Investment Exchange, Franklin Templeton AIF India and Symbiotics.

FMO contributed $20 million, while Impact Investment Exchange invested $8 million through its Women’s Livelihood Bond 7. Franklin Templeton AIF India invested $2.3 million and Symbiotics invested $6.5 million.

The firm said the funds will be used to expand its MSME lending business in underserved rural and semi-urban areas of India.

Namdev Finvest focuses on micro, small and medium enterprises, women-led businesses, youth-driven ventures and emerging entrepreneurs to improve access to timely credit.

In March 2025, Namdev Finvest also completed a $3 million top-up round from existing investor LC Nueva AIF and the promoter group. This was done to strengthen the balance sheet ahead of a larger equity raise planned in the near future.

Juan Jose Dada Ortiz, Director Financial Institutions, FMO, said in a statement, “At FMO, we believe that financial inclusion is a cornerstone for reducing inequalities and driving sustainable economic growth. Our USD 20 million investment in Namdev Finvest will enable thousands of micro and small entrepreneurs particularly women-led and rural businesses to access the credit they need to thrive. By supporting Namdev’s mission, we are reinforcing our commitment to SDG 10 and helping build a more inclusive financial ecosystem across India.”

Robert Kraybill, MD and CIO, Impact Investment Exchange, said, “Women's Livelihood Bond™ 7 (WLB7) marks another milestone in scaling gender-lens investing across emerging markets. WLB7 will empower over 773,000 women and girls while mobilising capital for enterprises like Namdev Finvest that are expanding financial inclusion for women-led MSMEs and underserved communities in India's rural and semi-urban markets.”

Jitendra Tanwar, Managing Director and CEO, Namdev Finvest Pvt. Ltd., added, “This has been a defining year for Namdev Finvest. The trust placed in us by globally reputed institutions such as FMO, IIX, and Franklin Templeton is a strong endorsement of our governance, operating model, and long-term vision. These partnerships enable us to scale responsibly, deepen our impact in rural and semi-urban India, and continue empowering MSMEs and women entrepreneurs with access to timely and affordable credit. We remain committed to building a resilient, inclusive, and sustainable financial institution.”

Founded by Jitendra Tanwar, Namdev Finvest provides loans to MSMEs, vehicle owners, rooftop solar customers, climate-friendly commuters and women entrepreneurs. It operates across nine states, mainly in Tier III and smaller cities, and works with public, private and small finance banks, international financial institutions and domestic lenders to diversify its funding base.