Mumbai-based digital SME lending platform FlexiLoans has raised INR 150 Cr from multiple investors through a mix of debt and equity financing. The round was led by Falguni and Sanjay Nayar Office.
FlexiLoans was founded in 2016 by four ISB classmates Deepak Jain, Abhishek Kothari, Ritesh Jain and Manish Lunia. It is an online lending platform to meet the financial requirements of SMEs that are unable to avail loans from banks due to the lack of any credit history. The company claims to disburse loans to more than 30,000 unsecured loans worth INR 800 Cr across more than 1400 cities.
Deepak Jain, cofounder of FlexiLoans.com said, “With this strong commitment by existing investors and industry veterans, FlexiLoans.com is now poised to enter the next phase of its growth journey that we have clearly crafted on the lines of Profitability, Growth and Risk Control. We chose to accept this bid over other term sheets we had from a few institutional investors, given the long-term nature of this capital.”
Nayar Family Office’s spokesperson said, “FlexiLoans.com has one of the strongest fintech technology platform with a right mix of strategy, business partnerships, and underwriting processes to capitalise on the digital lending opportunity in India, especially in the post-COVID-19 environment.”
FlexiLoans has 100+ partnerships with India’s leading ecommerce ecosystems, payment gateways, and supply chain ecosystems.
FlexiLoans plans to use the proceeds to scale up its micro SME lending, and has a pipeline of significant alliance partnerships to be announced this quarter by offering innovative and differentiated lending products. It is also looking to grow its supply chain and co-lending verticals, which are witnessing significant growth and traction in the post-COVID-19 times.