BII and LC Neuva AIF led the round
The funding round saw participation from British International Investment (BII) and LC Nueva AIF (LC), with participation from the company's promoters and staff. Incofin India Progress Fund, a current investor, also invested in the round.
Expanding reach and enhancing technology
Namdev Finvest aims to use this investment to broaden its reach, diversify its product offerings, and enhance its technology. The startup aims to impact over 100,000 lives by FY25, doubling its current achievement of positively affecting 50,000+ lives.
Jitendra Tanwar, managing director and CEO of Namdev, said, "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."
"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.
Focusing on underserved segments
Founded in 2013, Namdev Finvest has expanded across seven North-West Indian states, focusing on underserved segments.
The startup claims to have disbursed over 50,000 loans, primarily for income generation, leading to an impressive AUM exceeding Rs 1,000 crore ($125 Million). With a reported revenue increase in FY23 and a clear vision for the future, Namdev Finvest is aiming for significant growth in the coming years.
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