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Jitendra Tanwar, Managing Director and CEO of Namdev Finvest
Namdev Finvest, a Jaipur-based non-banking financial company, has secured $38 million in debt funding from major development finance institutions, including Developing World Markets (DWM), BlueOrchard-managed funds and Mirova.
This fresh capital is expected to help Namdev Finvest broaden its reach beyond traditional lending models, with a focus on underserved and unbanked borrowers in rural and semi-urban areas.
It will also help the firm expand into clean mobility and renewable energy projects, reflecting a growing emphasis on sustainable financing.
Namdev Finvest's offerings
Namdev Finvest was founded in 2013 and currently has a loan portfolio of around Rs 1,370 crore. The firm offers various financial products, including MSME loans, vehicle loans, solar loans and small business loans for women entrepreneurs.
According to Managing Director and CEO Jitendra Tanwar, this new investment comes at a time when Namdev Finvest is looking to scale its climate-focused products. He noted that the additional funding will strengthen the company’s mission to develop ethical and environment-friendly lending solutions.
Backed by leading DFIs
In this new round, DWM has invested $8.25 million, while BlueOrchard has committed $13 million through its Microfinance Fund and COVID-19 Emerging and Frontier Markets MSME Support Fund.
Mirova, an affiliate of Natixis Investment Managers, has made its first investment in India by providing $10 million in debt.
“We see in Namdev Finvest’s model the potential for a significant shift in the paradigm of responsible financing in India. Its thematic focus and unique market vision centred on the needs of MSMEs make it a key player in transforming the energy and mobility complexes that we are delighted to support,” said Priyanka Mehrotra, Investment Director, Mirova.
Namdev Finvest recorded a growth rate of more than 90% in fiscal year 2024, with its net worth reaching Rs 410 crore. The firm had previously raised $19 million from Maj Invest in April 2024.