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Namdev Finvest Private Limited, a Jaipur-based financing platform, has concluded a Series B funding round, securing $15 million.

The funding round saw participation from British International Investment(BII), LC Nueva AIF, promoters, employees, and existing investor Incofin India Progress Fund.

The non-banking financial company (NBFC), which caters to Micro, Small, and Medium Enterprises (MSMEs), will use the capital to expand its reach, enhance product diversification, and invest in technology enhancements, according to a statement.

“With this infusion, we will redouble our efforts to touch 100,000+ lives by FY25. This significant investment reflects the confidence our investors have in Namdev’s mission of fostering financial inclusion,” Jitendra Tanwar, Managing Director & CEO of Namdev said.

Founded in 2013 by Jitendra Tanwar, Namdev Finvest is an NBFC that extends credit to MSMEs in rural and semi-urban areas through its network of 100+ branches in North-West India. It has disbursed over 50,000 loans ranging from Rs 4-7 lakh and has an AUM exceeding Rs 1,000 crore. It also has green finance options, including e-mobility and solar loans.

“Through this commitment, we cannot only help improve access to credit for more underserved MSMEs in Tier II and Tier III cities but also promote sustainable economic growth through Namdev’s new green loan product for EV and solar products.” Srini Nagarajan, Managing Director and Head of Asia at BII.

This marks the second investment by the UK’s development finance institution, BII, in an MFME-focused lending platform within a month. In December, Aye Finance, another MSME-focused lending startup, raised Rs 310 crore in a Series F round led by BII.