FlexiLoans has raised INR 290 crore (approx. $34.5 million) in its Series C funding round from a group of investors including Accion, Maj Invest, Nuveen and Fundamentum
This fresh injection will help the NBFC further fuel its growth, expand its product range and scale its operations
So far, the fintech startup claims to have disbursed over INR 7,000 crore in loans across over 2,100 cities.
Non-banking financial company (NBFC) Flexiloans
raised INR 290 crore (approx. $34.5 million) in its Series C funding round from a group of investors including Accion, Maj Invest, Nuveen and Fundamentum.
Co-founder Deepak Jain told Inc42 that the fresh injection will help the NBFC further fuel its growth, increase its product offering and expand its business.
He added that they are also looking to expand into the supply chain finance market, as well as partner with traditional corporate finance platforms, in terms of supplier and dealer financing.
With India being the epicentre of manufacturing, the supply chain potential is expected to undergo a major transformation in the next five to 10 years. Hence, the company is ready to bet on this favourable trend to grow 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 fast and flexible loans.
So far, the fintech startup claims to have disbursed over INR 7,000 crore in loans across over 2,100 cities.
In 2022, the digital lending company raised $90 million through a mix of equity and debt financing in its Series B funding round from investors including Denmark-based MAJ Invest, UK-based Fasanara Capital and others.
Additionally, the Mumbai-based startup secure debt financing of INR 75 crore (approximately $9 million) from JM Financials Limited through the issuance of non-convertible bonds (NCDs), in August.
The development comes at a time when lending companies are raising capital driven by a desire to help MSMEs across the country.
Over the past three months, companies such as Arthan Finance, Prêtkart, Aye Finance, Piggy bank, Clix Capital have raised capital from various investors with a common goal: to boost their business in the field of MSME lending, among other objectives.
Meanwhile, two weeks ago, the Reserve Bank of India (RBI) revealed its plans to soon launch a platform called “Unified Loan Interface‘, to provide credit to rural and small businesses, which will meet a significant unmet demand for credit in various sectors, particularly for agricultural borrowers and MSMEs.