Funding · Financial Services

Namdev Finvest raises $37M via debt instruments

By Startup Enthusiast · 19 January 2026

What they do

Namdev Finvest gives loans to small businesses, vehicle owners, and women entrepreneurs in rural areas

It raised $37M through listed NCDs and external commercial borrowings; FMO put in $20M

The money will go toward expanding lending in underserved rural and semi-urban areas across nine states

Jaipur-based NBFC Namdev Finvest raised $37M via listed NCDs (non-convertible debentures, a type of debt instrument) and external commercial borrowings (loans from foreign sources).
Dutch development bank FMO contributed $20M to the funding.
Impact Investment Exchange (IIX) invested $8M through its Women's Livelihood Bond 7.
Franklin Templeton AIF India invested $2.3M.
Symbiotics invested $6.5M.
The funds will be used to expand MSME lending in underserved rural and semi-urban areas of India.

The company focuses on Tier III and smaller cities, where traditional bank lending is limited.
It lends to diverse segments including women entrepreneurs and rooftop solar customers, aligning with climate and gender goals.
This debt raise follows a $3M top-up round in March 2025 and a $15M Series B in January 2024.

Namdev Finvest is a non-banking financial company (NBFC) based in Jaipur.
It gives loans to MSMEs (micro, small and medium enterprises), vehicle owners, rooftop solar customers, climate-friendly commuters, and women entrepreneurs.
The company works across nine states, mostly in Tier III and smaller cities.
It was founded in 2013.

FMO (participated) — Dutch development bank focused on sustainable private sector growth in emerging markets.
Impact Investment Exchange (IIX) (participated) — Impact investment platform that mobilizes capital for sustainable development.
Franklin Templeton AIF India (participated) — Alternative investment fund (AIF) arm of global asset manager Franklin Templeton.
Symbiotics (participated) — Impact investment firm specializing in microfinance and sustainable finance.

Customers: Micro, small and medium enterprises in rural and semi-urban India
How it makes money: Lends to MSMEs and earns interest income on credit products
What sets it apart: Focuses on underserved rural and semi-urban borrowers, including women-led and youth-led businesses