Non-banking financial company (NBFC) Namdev Finvest has raised $38 Mn in debt funding from US-based Developing World Markets (DWM), impact investor BlueOrchard, and asset management company Mirova.

While DWM contributed $8.25 Mn to the round, BlueOrchard pumped in $13 Mn through its multiple funds (Microfinance Fund & COVID-19 Emerging and Frontier Markets MSME Support Fund). Mirova invested $10 Mn in the company, making its first investment in the country.

In a statement, Namdev said that the fresh proceeds will enable it to diversify its operations beyond traditional domestic bank and NBFC lending models, and focus more on underserved and unbanked borrowers in rural and semi-urban markets. The capital will also be utilised to back clean mobility and renewable energy projects.

Founded in 2014 by Jitendra Tanwar, Namdev offers financial solutions in rural India, with a primary focus on MSMEs and green finance. The Jaipur-based NBFC claims to have more than 112 branches spanning nine Indian states and has a loan portfolio of nearly INR 1,370 Cr

“We deeply value the commitment from Mirova Investments to provide dedicated resources for climate-efficient financing. This comes at the right time, as we at Namdev Finvest are increasing our participation in climate-focused products,” said Namdev Finvest’s managing director and CEO Jitendra Tanwar.

Namdev claims to have more than 50,000 active customers. Backed by Maj Invest, Incofin India Progress Fund, BII, and LHC, Namdev diversifies its funding sources through collaborations with over 40 lenders, including public and private banks, small finance banks, international financial institutions, and domestic financial institutions.

In January last year, the from a host of institutional investors, including British International Investment. A few months later in April 2024, led by Danish asset management company Maj Invest.

This comes at a time when homegrown NBFCs are witnessing healthy traction from investors. In December, Bengaluru-based NBFC from Dia Vikas Capital and others. Prior to that in October, Jaipur-based NBFC from Avataar Venture Partners and others.

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