Online Lending Platform FlexiLoans Raises $15 Mn; Provides Underserved Entrepreneurs With Loans In 24 Hours

Online lending platform FlexiLoans has raised about $15 Mn (INR100 Cr) from Sanjay Nayar, CEO of KKR India; Vikram Sud, former Head of Operations and Technology at Citibank; Anil Jaggia, Chief Investment Officer at HDFC Bank; and Narayan Seshadri, former MD at KPMG’s advisory business.

As per the terms of the deal, EpiMoney, a non-banking finance company founded by Nayar, Anil, Sud and Sheshadri, will acquire a stake in FlexiLoans, which will be the product platform.

Ritesh Jain, co-founder of FlexiLoans said, “Lack of access to finance for micro-SMEs is a major bottleneck to growth in India. We are confident that the strong banking domain mentorship that we get with this tie-up, combined with our advanced technology platform, will help us serve many deserving yet underserved entrepreneurs.”

The startup will use the funding for expansion and to invest in its technology and marketing platform.

FlexiLoans started operations in January 2016 and was founded by four Indian School of Business alumni – Deepak Jain, Manish Lunia, Ritesh Jain and Abhishek Kothari.

FlexiLoans’ proprietary credit engine has clubbed a simple application form with the ability to make a decision regarding the loan within 24 hours. It has already partnered with over 20 national digital marketplaces and organisations like Flipkart, Ola, Shopclues, Jabong etc. and has served customers in over 18 cities and towns.

Earlier in April 2016,  peer-to-peer lending platform LenDenClub raised an undisclosed amount of angel investment through Venture Catalysts, a seed investment and innovation platform. In February 2016, Bengaluru-based peer to peer lending marketplace startup, Loanzen, raised an undisclosed amount of Seed funding from Tracxn Labs and angel investors, through Tracxn Syndicate.

Other startups in this segment include KountMoney, Faircent.com, LoanCircle, Capzest, etc.