Jaipur-based non-banking financial company (NBFC) Namdev Finvest has raised $38 million in debt funding from development finance institutions (DFIs) viz., Developing World Markets (DWM), BlueOrchard-managed funds (BlueOrchard Microfinance Fund and COVID-19 Emerging and Frontier Markets MSME Support Fund), and Mirova. The deal marks Mirova’s first investment in India.
The company said it will deploy capital towards diversifying its operations beyond traditional domestic bank and NBFC lending models, focusing on underserved and unbanked borrowers in rural and semi-urban markets. In addition, it will support clean mobility and renewable energy projects as well.
While DWM has contributed $8.25 million in debt funding, impact investor BlueOrchard Finance has sanctioned $13 million in debt funding through BlueOrchard Microfinance Fund and COVID-19 Emerging and Frontier Markets MSME Support Fund as part of the deal.
On the other hand, Mirova, an affiliate of Natixis Investment Managers, has invested $10 million in debt.
“This comes at the right time, as we at Namdev Finvest are increasing our participation in climate-focused products,” said Jitendra Tanwar, Managing Director and CEO, Namdev Finvest on the fresh capital infusion.
Founded in 2013, Namdev Finvest has a loan portfolio of around Rs 1,370 crore. The company offers MSME loan, vehicle loan, solar loan and small business loan to Women entrepreneurs.
“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.
In FY24, Namdev Finvest recorded a growth rate of over 92.62 per cent during FY24, with its net worth reaching Rs 410 crore. The company had last raised $19 million from Maj Invest in April 2024.