[Funding alert] FlexiLoans raises Rs 150Cr in debt and equity financing
Digital SME lending platform FlexiLoans on Wednesday said it has raised Rs 150 crore in a mix of equity and debt lines from multiple investors, with the Falguni and Sanjay Nayar Family Office leading the fund infusion.
Along with the current funding, FlexiLoans has raised Rs 500 crore in a mix of both equity and debt since its inception in 2016.
The platform 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, a statement said.
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.
Speaking about the new development, Deepak Jain, Co-founder 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.”
FlexiLoans.com Cofounders (L:R) Manish Lunia, Abhishek Kothari, Ritesh Jain, Deepak Jain
Founded in 2016 by Indian School of Business alums Abhishek Kothari, Deepak Jain, Manish Lunia, and Ritesh Jain, FlexiLoans claims to have disbursed over 30,000 unsecured loans worth over Rs 800 crore across 1,400+ cities pan-India.
According to the startup, FlexiLoans has 100+ partnerships with India’s leading ecommerce ecosystems, payment gateways, and supply chain ecosystems.
“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,” a spokesperson from the Nayar Family Office said.
The platform has been ranked amongst the top 100 fintech innovators globally, and is one of the leading digital lending platforms started with a vision to provide "Loans at a click" to SMEs while solving their problem of accessing quick, flexible, and adequate funds.