Fintech startup FlexiLoans has secured a debt funding of INR 75 Cr (around $9 Mn) from JM Financial through issuance of non-convertible debentures
The board passed a special resolution to offer up to 7,500 rated senior, secured, unlisted, transferable redeemable NCDs at a face value of INR 1 Lakh each to raise funds to the tune of INR 75 Cr in one or more tranches
This current round of capital raise follows its initial round of $7.23 Mn raised through debt financing, in February
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Fintech startup FlexiLoans has secured a debt funding of INR 75 Cr (around $9 Mn) from JM Financials Limited through issuance of non-convertible debentures (NCDs).
The board at FlexiLoans passed a special resolution to offer up to 7,500 rated senior, secured, unlisted, transferable redeemable NCDs at a face value of INR 1 Lakh each to raise funds to the tune of INR 75 Cr in one or more tranches, as per regulatory filings.This current round of capital raise follows its initial round of $7.23 Mn raised through debt financing, in February.
Entrackr reported the development first.
Founded in 2016 by FlexiLoans Abhishek Kothari, Deepak Jain, Manish Lunia and Ritesh Jain, Flexiloans is an online lending platform that targets small and medium enterprises (SMEs) and other underserved segments to provide quick and flexible loans.
In 2022, FlexiLoans raised $90 Mn through a mix of equity and debt financing in its Series B funding round from Denmark-based MAJ Invest, UK-based Fasanara Capital, the family offices of Harry Banga and Yogesh Mahansaria, as well as existing investors such as Sanjay Nayar.
Based on Inc42’s data, the Mumbai-based company has so far raised nearly $148 Mn through venture and debt funding from its pool of investors since its inception.
This comes at a time when India’s fintech space has been gaining a lot of traction from the investors.
For instance, in June, lending tech startup Fibe bagged $90 Mn (about INR 750 Cr) in its Series E funding round led by TR Capital, Trifecta Capital and Amara Partner, through a mix of primary and secondary transactions.
Also, Bengaluru-based slice raised $20 Mn (about INR 170 Cr) in a debt funding round from Neo Asset Management’s Credit Opportunities Fund, as per the fintech startup regulatory filings.
Meanwhile, non-banking financial company (NBFC) Arthan Finance raised INR 50 Cr ($5.98 Mn) as part of its Series B funding round led by Incofin India Progress Fund to grow its assets under management and expand footprint in India.
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