Jaipur-based non-banking financial company (NBFC) Namdev Finvest has secured a fresh infusion of capital to fuel its expansion plans. The company successfully raised $15 million in a Series B funding round, signaling a solid vote of confidence from investors.
Details of the Funding Round:
- Amount Raised: $15 million
- Round: Series B
Investors:
The funding round was co-led by British International Investment (BII) and LC Nueva AIF (LC), along with existing investor Incofin India Progress Fund. The participation of new and existing investors highlights Namdev Finvest’s track record and promising future.
How the Funds Will Be Utilized:
Namdev Finvest plans to utilize the funds raised to achieve its strategic goals:
- Expanding Reach: The company aims to expand its geographical reach and cater to a wider customer base. This could involve opening new branches or establishing a stronger digital presence.
- Product Diversification: Namdev Finvest might use the funds to explore new financial products or services beyond its current offerings. This could cater to a broader range of customer needs and potentially increase revenue streams.
- Technological Enhancements: Investing in technological advancements can streamline operations, improve customer experience, and potentially lead to future growth.
Namdev Finvest’s Background:
Founded in 2013, Namdev Finvest has carved a niche in empowering underserved and unreached populations, particularly farmers and entrepreneurs. The company offers a range of financial products, including:
- Commercial vehicle loans
- Car loans
- Business loans
- Two-wheeler loans
- Gold loans
Looking Ahead:
With this successful funding round, Namdev Finvest is well-positioned to accelerate its growth trajectory. The company’s focus on financial inclusion and impressive track record position it to significantly impact the Indian financial landscape.
