Namdev Finvest’s AUM cross Rs 1,200 cr in FY24

New Delhi: Namdev Finvest, a non-banking financial company focuses on small business lending, on Tuesday said its assets under management (AUM) have almost doubled to cross Rs1,200 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 $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 Rs4,00,000 to Rs7,00,000, primarily for income generation, accumulating an impressive AUM exceeding Rs 1,200 crore in FY24, an almost two-fold increase compared to Rs623 crore in the last fiscal,” he said.