Namdev Finvest Rakes in $38 Million Debt Funding for Expansion

Jaipur, Rajasthan: Namdev Finvest, a Jaipur-based non-banking financial company (NBFC), has secured a substantial debt funding of $38 million from development finance institutions (DFIs) and impact investors to diversify its operations and tap into underserved markets.

The deal marks Mirova's first investment in India, with the French-based investor committing an additional $10 million in debt. BlueOrchard-managed funds contributed $13 million through two separate funds, while Developing World Markets (DWM) provided $8.25 million in debt funding as part of the agreement.

The fresh capital infusion will enable Namdev Finvest to expand its operations beyond traditional lending models, focusing on clean mobility and renewable energy projects, targeting underserved and unbanked borrowers in rural and semi-urban markets.

"This comes at a critical time for us, as we're strengthening our participation in climate-focused products," said Jitendra Tanwar, Managing Director and CEO of Namdev Finvest. Founded in 2013, the company has already established a loan portfolio of around Rs 1,370 crore, providing loans to MSMEs, vehicle owners, solar business owners, and women entrepreneurs.

Industry commentators see immense potential for change in India with Namdev Finvest's model, particularly in terms of responsible financing. "We're thrilled to support this company as it's pushing the boundaries of responsible financing," said Priyanka Mehrotra, Investment Director at Mirova.

Last year, Namdev Finvest reported a remarkable growth rate of 92.62 per cent during FY24, with net worth touching Rs 410 crore. This new funding follows the company's previous investment of $19 million secured in April this year from Maj Invest.

Sources Close to the Company disclosed that the funds received now will enable Namdev Finvest to further build its credit book and strengthen its position as a significant player in India's non-banking financial services space