Namdev Finvest’s AUM crosses ₹1,200 cr-mark
NEW DELHI: Non-banking financial company Namdev Finvest, which focuses on small business lending, on Tuesday said its assets under management have almost doubled to cross ₹1,200 crore during 2023-24 fiscal.
The Jaipur-headquartered company posted a growth of 92.62% in AUM (asset under management) a growth of 92.62% in AUM, with its net worth reaching ₹410 crore.
Namdev expanded its presence across eight states -- Rajasthan, Gujarat, Madhya Pradesh, Uttar Pradesh, Delhi, Haryana, Punjab and Uttarakhand.
The company has secured a total funding of $41.5 million up to this point, with a $19 million of fundraise from Maj Invest in its latest round of Pre-Series C in April this year.
Operating through 100-plus branches spanning across eight states in northwest India, the NBFC employs touch and technology (Phygital) loan approval and disbursal system, said Jitendra Tanwar, Managing Director and CEO of Namdev Finvest.
“Until now, we have disbursed over 50,000 loans ranging from ₹4,00,000 to 7,00,000, primarily for income generation, accumulating an impressive AUM exceeding ₹1,200 crore in FY24, an almost two-fold increase compared to ₹623 crore in the last fiscal,” he said.
The lending platform has disbursed 85% as secure MSME loans and 15% for green financing and two-wheelers.
Supported by investors such as Incofin India Progress Fund, Maj Invest, BII, and LHC, Namdev Finvest has diversified its funding sources through collaborations with over 44 lenders, including banks, international and domestic financial institutions.