Jaipur-based non-banking finance company Namdev Finvest Private has raised USD 37 million, or around Rs 3.24 billion, through a combination of listed non-convertible debentures and external commercial borrowings. The fundraise attracted participation from FMO, Impact Investment Exchange, Franklin Templeton AIF India and Symbiotics. The capital will be deployed to expand Namdev Finvest’s MSME lending franchise across rural and semi-urban regions, with a focus on underserved and unbanked borrowers. The company said the funding would strengthen access to credit for micro, small and medium enterprises, particularly women-led ventures, youth-driven enterprises and emerging businesses in hinterland markets. In March 2025, Namdev Finvest had completed a smaller top-up round of USD 3 million, or about Rs 0.25 billion, from existing investor LC Nueva AIF and the promoter group. That round helped strengthen the balance sheet ahead of the latest fundraise and positioned the NBFC for future growth-oriented capital raising. Commenting on the investment, Juan Jose Dada Ortiz, Director, Financial Institutions at FMO, said the development lender’s USD 20 million commitment aligned with its focus on financial inclusion. He said the investment would support thousands of micro and small entrepreneurs, especially women-led and rural businesses, while reinforcing FMO’s commitment to reducing inequality and building a more inclusive financial ecosystem in India. Robert Kraybill, Managing Director and Chief Investment Officer at Impact Investment Exchange, said the Women’s Livelihood Bond VII marked another step in scaling gender-lens investing across emerging markets. He noted that the bond aims to empower more than 773,000 women and girls, while mobilising capital for enterprises such as Namdev Finvest that are expanding financial inclusion for women-led MSMEs and underserved communities. Jitendra Tanwar, Managing Director and Chief Executive Officer of Namdev Finvest, said the past year had been transformative for the company. He added that the participation of globally reputed institutions such as FMO, Impact Investment Exchange and Franklin Templeton was a strong endorsement of Namdev’s governance standards, operating model and long-term vision. According to Tanwar, these partnerships will enable the NBFC to scale responsibly, deepen its presence in rural and semi-urban India, and continue empowering MSMEs and women entrepreneurs with timely and affordable access to credit.