Namdev Finvest Secures $38 Million to Empower Underserved Markets

Namdev Finvest, a non-banking financial company, has raised $38 million in debt funding from Development Finance Institutions to expand its services to underserved and unbanked markets in rural and semi-urban India. This investment will support clean mobility and renewable energy projects, aligning with broader developmental objectives.

Namdev Finvest, a notable non-banking financial company based in Jaipur, has successfully secured USD 38 million in debt funding. The investment comes from reputable development finance institutions, including Developing World Markets and funds managed by BlueOrchard and Mirova.

This substantial financial boost aims to help Namdev Finvest diversify its traditional lending model to concentrate more on providing financial services to underserved and unbanked populations, particularly in rural and semi-urban areas. Additionally, the funds will assist the company in supporting sustainable initiatives, such as clean mobility and renewable energy ventures.

Jitendra Tanwar, the company's managing director and CEO, expressed optimism, highlighting that this financial infusion will bolster Namdev Finvest's capacity to engage in climate-focused financial products. Notable contributions include USD 8.25 million from DWM and USD 13 million from BlueOrchard Finance's various funds, with Mirova contributing USD 10 million, marking its entry into the Indian market.

(With inputs from agencies.)