Namdev Finvest Private Limited, a Jaipur-headquartered NBFC, has raised $37 million (approximately Rs 324 crore) from FMO, IIX, Franklin Templeton AIF India, and Symbiotics via listed non-convertible debentures and external commercial borrowings, per an announcement.
The funds will be used to expand the lender’s MSME loan book in rural and semi-urban parts of India, with a focus on women-led and early-stage businesses.
Founded in 2013 by first-generation entrepreneur Jitendra Tanwar, Namdev Finvest provides credit to micro, small, and medium enterprises, primarily in tier III and smaller cities in India. The company operates across nine states and follows a secured lending model.
In March 2025, Namdev completed a $3-million (around Rs 25 crore) top-up round from existing shareholder LC Nueva AIF and the promoter group.
The company also counts global investors such as British International Investment, Incofin, and Maj Invest among its backers.
“Our $20-million investment in Namdev Finvest will enable thousands of micro and small entrepreneurs particularly women-led and rural businesses to access the credit they need to thrive,” said Juan Jose Dada Ortiz, Director Financial Institutions at FMO.
Jitendra Tanwar, Managing Director & CEO at Namdev Finvest, added: “This has been a defining year for Namdev Finvest. These partnerships enable us to scale responsibly, deepen our impact in rural and semi-urban India, and continue empowering MSMEs and women entrepreneurs with access to timely and affordable credit.”
Namdev Finvest’s assets under management exceed Rs 1,300 crore (around $148 million). The lender typically offers loans of Rs 5-7 lakh, with maturities of up to 10 years. Its borrower base includes small traders, manufacturers, contractors and self-employed individuals such as e-rickshaw drivers.
Other NBFCs that have recently raised funds include FlexiLoans and Mahaveer Finance.
