Namdev Finvest raises $37 million from FMO, others
The funds were raised via a mix of listed non-convertible debentures (NCDs) and external commercial borrowings (ECB).
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Non-banking finance company (NBFC) Namdev Finvest has raised $37 million from FMO, IIX, Franklin Templeton AIF India, and Symbiotics.
The funds were raised via a mix of listed non-convertible debentures (NCDs) and external commercial borrowings (ECB).
Of the total amount, FMO, the Dutch Entrepreneurial Development Bank, contributed $20 million. Impact Investment Exchange’s (IIX) Women’s Livelihood Bond 7 (WLB7) brought in $8 million while Symbiotics and Franklin Templeton Alternative Investments Fund India (Franklin Templeton AIF) invested $6.5 million and $2.3 million, respectively.
The NBFC will use the fresh capital to expand its MSME lending operations across rural and semi-urban markets in the country.
Namdev Finvest, which was founded in 2013 by Jitendra Tanwar, provides loans to MSMEs, vehicle owners, climate-friendly commuters, rooftop solar customers, and women entrepreneurs.
Earlier in January 2024, Namdev Finvest had raised $15 million in a Series B funding round in January 2024 from British International Investment (BII), LC Nueva AIF, and existing investor Incofin India Progress Fund.