FlexiLoans has raised INR 290 Cr (around $34.5 Mn) as a part of its Series C funding round from a clutch of investors, including Accion, Maj Invest, Nuveen and Fundamentum
The fresh infusion will help the NBFC to further fuel its growth, increase product stack and grow its businesses
So far, the fintech startup claims to have disbursed over INR 7,000 Cr in loans across over 2,100 towns and cities
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Non banking financial company (NBFC) FlexiLoans has raised INR 290 Cr (around $34.5 Mn) as a part of its Series C funding round from a clutch of investors, including Accion, Maj Invest, Nuveen and Fundamentum.
Cofounder Deepak Jain told Inc42 that the fresh infusion will help the NBFC to further fuel its growth, increase product stack and grow its businesses.
He added that they are also looking to expand into the supply chain financing market, as well as partnerships with traditional corporate finance platforms, in terms of vendor and dealer financing.
India being the epicentre of manufacturing, the potential of the supply chain is expected to undergo great transformation in the next five to ten years. The company is, thus, willing to bet on this favourable trend to expand its business, Jain said.
Founded in 2016 by Deepak Jain, Ritesh Jain and Manish Lunia, FlexiLoans is an online lending platform that targets small and medium enterprises (SMEs) and other underserved segments to provide quick and flexible loans.
So far, the fintech startup claims to have disbursed over INR 7,000 Cr in loans across over 2,100 towns and cities.
In 2022, the digital lending company raised $90 Mn through a mix of equity and debt financing in its Series B funding round from investors such as Denmark-based MAJ Invest, UK-based Fasanara Capital, and others.
Additionally, the Mumbai-based startup secured a debt funding of INR 75 Cr (around $9 Mn) from JM Financials Limited through issuance of non-convertible debentures (NCDs), in August.
This development comes at a time when lending companies are raising capital fueled by the motive to aid MSMEs across the country.
In the past three months’ time, companies such as Arthan Finance, Lendingkart, Aye Finance, Moneyboxx, Clix Capital have raised capital from various investors with a common motive to boost their game in MSME lending among other goals.
Meanwhile, two weeks ago, the Reserve Bank of India (RBI) revealed its plans to soon launch a platform called ‘Unified Lending Interface’, to offer credit to rural and small businesses, which will cater to large unmet demand for credit across various sectors, particularly for agricultural and MSME borrowers.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.