 "Namdev Finvest's assets under management cross Rs 1,200 cr mark in FY24")
Non-banking financial company Namdev Finvest, which focuses on small business lending, on Tuesday said its assets under management have almost doubled to cross Rs 1,200 crore during 2023-24 fiscal.
The Jaipur-headquartered company posted a growth of 92.62 per cent in AUM (asset under management) during fiscal 2023-24, with its net worth reaching Rs 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 USD 41.5 million up to this point, with a USD 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 Rs 4,00,000 to 7,00,000, primarily for income generation, accumulating an impressive AUM exceeding Rs 1,200 crore in FY24, an almost two-fold increase compared to Rs 623 crore in the last fiscal," he said.
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The lending platform has disbursed 85 per cent as secure MSME loans and 15 per cent 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.
The company aims to expand its operations in Bihar and Chhattisgharh by the end of the fiscal 2024-25.
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