Incofin Investment Management (Belgium) via its India Progress Fund (IPF), has invested $4.7 million (Rs 35 crores) in a Series A equity round in Namdev Finvest Private Limited (Namdev).

Founded in 2013 by first generation entrepreneur, Jitender Tanwar, the NBFC-headquartered in Jaipur, has rapidly established itself as one of the NBFCs in rural and semi urban MSME market in the North western region of India, it said in a press release.

“The funding from IPF will strengthen our organic expansion plans, especially further penetration in the states of Gujarat, Madhya Pradesh and Maharashtra. We would leverage Incofin’s strategic and deep impact support in our mission to provide affordable and qualitative financial services to our clients,” said Jitendra Tanwar, Founder and Managing Director of Namdev. Aditya Bhandari, Co-Head Asia, Incofin said,

“This is our first investment out of our new India-focused equity fund (IPF). India growth story is largely dependent on tech-enabled solutions offered to MSMEs and in-turn for rural prosperity. We are pleased to collaborate with Namdev in its vision to support first-time borrowers and women entrepreneurs in rural India.”

As at March 2021, the company reported an AUM of Rs 242 crore, with a growth of 44 oercent YoY. It has more than 13,000 borrowers currently and aims to reach 100,000 borrowers in next 5-7 years.