(MENAFN- KNN India) New Delhi, May 9 (KNN) Jaipur-based Namdev Finvest, a non-banking financial company (NBFC) catering to Micro, Small And Medium Enterprises (MSMEs), has reported a remarkable 92.6 per cent surge in its assets under management (AUM) for the financial year 2023-24.
The company's AUM soared to Rs 1,200 crore, up from Rs 623 crore in the previous fiscal.
In an official statement, Namdev Finvest disclosed that its net worth also witnessed a substantial increase, rising to Rs 410 crore from Rs 146 crore in FY23. The NBFC has raised a total of USD 41.5 million in funding to date, with its latest pre-Series C round in April 2024 securing USD 19 million from the investor Maj Invest.
Headquartered in Jaipur, Namdev Finvest has a presence across eight states in North-Western India, including Rajasthan, Gujarat, Madhya Pradesh, Uttar Pradesh, Delhi, Haryana, Punjab, and Uttarakhand. The company specialises in lending to underserved populations with limited formal income and credit history.
Jitendra Tanwar, Managing Director and CEO of Namdev Finvest, stated that the company has disbursed over 50,000 loans ranging from Rs 4 lakh to Rs 7 lakh, primarily for income generation purposes.
He added that the lending platform has successfully disbursed 85 per cent of its loans to secure MSME loans and 15 per cent for green financing initiatives, such as e-mobility and solar loans.
Namdev Finvest is backed by investors including Incofin India Progress Fund, British International Investment, and LHC. The company has diversified its funding sources through collaborations with over 44 lenders, encompassing public, private, and small finance banks, international financial institutions, and domestic financial institutions.
Notably, the Reserve Bank of India's latest data on sectoral deployment revealed that banks had deployed Rs 24.67 lakh crore in gross bank credit to MSMEs under priority sector lending during March, reflecting a 19.2 per cent increase from Rs 20.69 lakh crore deployed in March 2023.
The total bank credit to MSMEs under priority sector lending in March accounted for 15 per cent of India's non-food credit of Rs 164.11 lakh crore during the month.
(KNN Bureau)
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