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NBFC Namdev Finvest raises $37 Mn from FMO, IIX, others

EntrackrEntrackr · 13d ago
NBFC Namdev Finvest raises $37 Mn from FMO, IIX, others
Medial

Jaipur-based non-banking finance company (NBFC) Namdev Finvest has raised $37 million (approximately Rs 324 crore) through a combination of listed non-convertible debentures (NCDs) and external commercial borrowings (ECB). The round included participation from FMO, IIX, Franklin Templeton AIF India, and Symbiotics. FMO, the Dutch Entrepreneurial Development Bank, contributed $20 million (around Rs 180 crore), while Impact Investment Exchange's (IIX) Women's Livelihood Bond 7 (WLB7) invested $8 million (approximately Rs 71 crore). The company also raised $2.3 million from Franklin Templeton Alternative Investments Fund India (Franklin Templeton AIF) and $6.5 million from Symbiotics. Previously, Namdev Finvest raised $15 million in a Series B funding round in January 2024, co-led by British International Investment (BII), LC Nueva AIF, and existing investor Incofin India Progress Fund. It had earlier raised $4.7 million in September 2021 and $7.5 million in October 2022. The funds will be used to expand its MSME lending operations across rural and semi-urban markets in India, the company said in a press release. Founded in 2013 by Jitendra Tanwar, Namdev Finvest provides loans to MSMEs, vehicle owners, climate-friendly commuters, rooftop solar customers, and women entrepreneurs. The company works with public, private, and small finance banks, international financial institutions, and domestic lenders to diversify its funding sources. Namdev Finvest focuses on borrowers in Tier III and smaller cities across India. It operates in nine states. The company said it aims to improve access to credit, support employment generation, and contribute to financial inclusion. According to Namdev Finvest, the platform supports MSME lending with a focus on climate-aligned and green finance. It plans to expand its operations and support entrepreneurs across the country.

FlexiLoans raises $35 Mn from Accion, Fundamentum, and others

EntrackrEntrackr · 1y ago
FlexiLoans raises $35 Mn from Accion, Fundamentum, and others
Medial

MSMEs-focused fintech lender FlexiLoans has raised Rs 290 crore approximately $35 million in its series C round led by global investors Accion, Nuveen (the investment manager of TIAA), and Fundamentum, along with existing backer Maj Invest. The Mumbai-based NBFC-fintech company will use these proceeds to scale its operations, broaden its product portfolio, and boost its technological infrastructure. Flexi loan also raised a total of $16 million in debt this year i.e. $9 million from JM Financial in August and $7 million from Vivtri AMC. Entrackr exclusively reported both the developments. Founded by Deepak Jain, Manish Lunia, Ritesh Jain and Abhishek Kothari, FlexiLoans provides MSMEs access to collateral-free funds through its digital lending platform. The company uses proprietary technology and risk models to score customers and approve loans within 48 hours. The company has disbursed over Rs 7,000 crore in loans mostly to small and medium businesses to date. FlexiLoans covers more than 2000 cities and has partnerships with over 400 partners. FlexiLoans has secured over Rs 2,500 crore in debt and equity financing to date, including a $90 million Series B round, which was a combination of debt and equity led by Fasanara Capital, MAJ Invest, and the family office of Caravel Group chairman Harry Banga, alongside existing investors such as Sanjay Nayar. The Fundamentum-backed company demonstrated a robust financial standing with a 2.4X year-on-year growth to Rs 262 crore in the previous fiscal year (FY24) from Rs 108.5 crore in FY23. However, in pursuit of growth, the profits of the company declined by 50% to Rs 3.3 crore in the same period.

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