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

EntrackrEntrackr · 19d 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.

Morgan Stanley-backed Recykal raises nearly $10 Mn in ongoing round

EntrackrEntrackr · 1y ago
Morgan Stanley-backed Recykal raises nearly $10 Mn in ongoing round
Medial

B2B waste management and recycling marketplace Recykal has raised Rs 80 crore from 360 One Large Fund. The fresh investment came after a hiatus of more than two years for the Morgan Stanley-backed firm. The board at Recykal has passed a special resolution to allot 35,476 Seres D CCPS at an issue price of Rs 22,556 each to raise Rs 80 crore (approximately $10 million), its regulatory filing accessed from the Registrar of Companies shows. Founded in 2016, Recykal helps businesses to fulfill their EPR targets, become plastic-neutral, dispose of IT assets, source recyclable materials, and track and trace industrial waste flow. According to TheKredible estimates, the company has been valued at around Rs 1,180 crore or $144 million (post-money). Caveat: This tranche appears to be a part of a larger round and the valuation may vary after the completion. Recykal has declined to comment on the story. As of now, Recykal has raised around $38 million across several rounds including a $22 million round led by Morgan Stanley India and Circulate Capital in January 2022. Before this round, Morgan Stanley was the largest stakeholder with 27.05% in the company followed by Circulate Capital and Triton Fund. Its co-founders including Abhay Deshpande, Abhishek Deshpande, and Abhishek Deshpande cumulatively command 40.03% of the company. Recykal demonstrated impressive financial performance which was evident from its scale that grew 3.92X to Rs 745 crore in FY23 from Rs 190 crore in FY22. The losses for the Hyderabad-based firm stood at Rs 25.7 crore during the fiscal year ended in March 2023.

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