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Namdev Finvest Secures USD 38 Million in Debt Funding

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By Rediff Money Desk, New Delhi   Jan 22, 2025 15:29

Namdev Finvest, an Indian NBFC, has secured USD 38 million in debt funding from DWM, BlueOrchard, and Mirova to expand its operations in rural and semi-urban markets, focusing on underserved and unbanked borrowers and supporting clean mobility and renewable energy projects.
Namdev Finvest Secures USD 38 Million in Debt Funding
New Delhi, Jan 22 (PTI) Non-banking financial company Namdev Finvest on Wednesday said it has secured USD 38 million in debt funding from development finance institutions, including Developing World Markets (DWM), BlueOrchard-managed funds, and Mirova.

The funds will enable Namdev Finvest to diversify its operations beyond traditional domestic bank and NBFC lending models, focusing on underserved and unbanked borrowers in rural and semi-urban markets, the Jaipur-based company said in a release.

In addition to supporting clean mobility and renewable energy projects, the investment aligns with Namdev Finvest's efforts with the development finance institutions' broader developmental objectives, ensuring a sustainable and inclusive approach to financing.

Commenting on the development, Jitendra Tanwar, Managing Director and CEO of Namdev Finvest, said, "This comes at the right time, as we at Namdev Finvest are increasing our participation in climate-focused products."

DWM has contributed USD 8.25 million in debt funding to Namdev Finvest's growth strategy.

BlueOrchard Finance, a global leader in impact investing, has sanctioned USD 13 million in debt funding through BlueOrchard Microfinance Fund and Covid-19 Emerging and Frontier Markets MSME Support Fund.

Mirova, an affiliate of Natixis Investment Managers, has invested USD 10 million in debt, making its first foray into the Indian market.

Namdev Finvest has operations in nine states with about Rs 1,370 crore of loan portfolio.

It provides MSME loans, vehicle loans, solar loan and small business loan to women entrepreneurs.
Source: PTI
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