Namdev Finvest, a Jaipur-headquartered non-banking finance company (NBFC) that mainly caters to the micro, small and medium enterprises (MSMEs) has raised $4.7 million (about Rs 35 crore) from Incofin Investment Management of Belgium. The European impact investor invested in Namdev Finvest through its local arm India Progress Fund.
As of March 2021, the Rajasthan-based NBFC had a customer base of about 13,000 and aims to reach 1 lakh borrowers in the next 5-7 years, a joint release by the company and the PE firm said. During the year ended March 2021, the company had Rs 242 crore under its management that had grown 44% during last fiscal.
The funding from IPF will strengthen the NBFC’s organic expansion plans, especially into Gujarat, Madhya Pradesh, and Maharashtra, said Jitendra Tanwar, founder & MD, Namdev Finvest. “We would leverage Incofin’s strategic and deep impact support in our mission to provide affordable and qualitative financial services to our clients,” Tanwar said.
According to Aditya Bhandari, co-head Asia, Incofin, it invested in Namdev Finvest to collaborate with the NBFC’s vision to support first-time borrowers and women entrepreneurs in rural India. Headquartered in Belgium, Incofin currently manages about $1.5 billion worth of investments globally, promoting financial inclusion for rural entrepreneurs and creating synergies across the agri-food value chain.
Source: Economic Times