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FlexiLoans raises $35 Mn from Accion, Fundamentum, and others

EntrackrEntrackr · 1y ago
FlexiLoans raises $35 Mn from Accion, Fundamentum, and others
Medial

MSMEs-focused fintech lender FlexiLoans has raised Rs 290 crore approximately $35 million in its series C round led by global investors Accion, Nuveen (the investment manager of TIAA), and Fundamentum, along with existing backer Maj Invest. The Mumbai-based NBFC-fintech company will use these proceeds to scale its operations, broaden its product portfolio, and boost its technological infrastructure. Flexi loan also raised a total of $16 million in debt this year i.e. $9 million from JM Financial in August and $7 million from Vivtri AMC. Entrackr exclusively reported both the developments. Founded by Deepak Jain, Manish Lunia, Ritesh Jain and Abhishek Kothari, FlexiLoans provides MSMEs access to collateral-free funds through its digital lending platform. The company uses proprietary technology and risk models to score customers and approve loans within 48 hours. The company has disbursed over Rs 7,000 crore in loans mostly to small and medium businesses to date. FlexiLoans covers more than 2000 cities and has partnerships with over 400 partners. FlexiLoans has secured over Rs 2,500 crore in debt and equity financing to date, including a $90 million Series B round, which was a combination of debt and equity led by Fasanara Capital, MAJ Invest, and the family office of Caravel Group chairman Harry Banga, alongside existing investors such as Sanjay Nayar. The Fundamentum-backed company demonstrated a robust financial standing with a 2.4X year-on-year growth to Rs 262 crore in the previous fiscal year (FY24) from Rs 108.5 crore in FY23. However, in pursuit of growth, the profits of the company declined by 50% to Rs 3.3 crore in the same period.

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Exclusive: FlexiLoans raises $9 Mn debt from JM Financial

EntrackrEntrackr · 1y ago
Exclusive: FlexiLoans raises $9 Mn debt from JM Financial
Medial

MSMEs-focused fintech lender FlexiLoans has raised Rs 75 crore (approximately $9 million) via non-convertible debt from JM Financial. This is the second debt round for the Mumbai-based company this year. The board at FlexiLoans has passed a resolution to issue 7,500 non-convertible debentures to raise Rs 75 crore, according to the company’s internal documents accessed by Entrackr. The debt has a coupon rate (interest) of 12.05% per annum with a tenure of 24 months. The company intends to utilize the funds for the ongoing business operations, the documents added. The debt infusion has come at a time when the firm is set to secure $35 million in funding from late-stage fund Fundamentum, co-founded by Infosys veteran Nandan Nilekani. Founded by Deepak Jain, Manish Lunia, Ritesh Jain, and Abhishek Kothari, FlexiLoans offers collateral-free loans to MSMEs. The firm has raised over $124 million to date in a mix of equity and debt including a $90 million Series B round from Fasanara Capital, MAJ Invest, Caravel Group, among others in June 2022. As per its website, the company has disbursed over Rs 7,000 crore of loans. Besides partnerships with over 400 partners, Flexiloans also lends through its NBFC — Epimoney. The company gives loans in the range of Rs 50,000 to Rs 1 crore with a maximum tenure of 36 months. The fintech firm grew at a fast pace in the fiscal year ending March 2024 as its collection jumped 2.4X year-on-year. Its operating revenue soared to Rs 262 crore in FY24 from Rs 109 crore in FY23. During the period, the company also maintained its profitability with Rs 3 crore PAT. FlexiLoans competes with a clutch of fintech firms including Lendingkart, Indifi, Incred, Oxyzo and Aye Finance.

AquaExchange raises $8 Mn in Series B round at $41 Mn valuation

EntrackrEntrackr · 2d ago
AquaExchange raises $8 Mn in Series B round at $41 Mn valuation
Medial

AquaExchange raises $8 Mn in Series B round at $41 Mn valuation Aquaculture technology startup AquaExchange has raised $8 million (around Rs 72 crore) in its Series B funding round, co-led by Endiya Partners and Factor Analytics, with participation from Accion Ventures and support from Ocean 14 Capital. According to filings, the round was co-led by Endiya Partners and Factor Analytics, with investments of Rs 30 crore each, followed by Accion Ventures, which invested Rs 12 crore. AquaExchange's valuation has surged around 74% to Rs 372 crore (approximately $41 million) in the latest round, compared to Rs 214 crore during its Series A funding in January 2024. The fresh capital will be used to expand its international technology business, grow domestic market share, and strengthen its presence across the aquaculture value chain. Endiya Partners holds a 16.2% stake, followed by Accion Venture with 9.68% and Factor Analytics with 8.06%. Founded by Pavan Kosaraju, Hemasundar Dhavili, Kareem Mohammod, and Kiran Bandi, AquaExchange helps aquaculture farmers leverage technology to improve crop yields, reduce crop risks, and manage rising input costs. Its product portfolio includes PowerMon, a power management device, and AquaBot, an automated feed management system. The company claims to be the first aquaculture technology firm in India to automate more than 25% of the country’s shrimp farming acreage. Its platform currently monitors over 80,000 acres of aquaculture farms globally and operates across five Indian states, along with international markets such as Ecuador, Saudi Arabia, and Madagascar. The company’s operating revenue rose 2.3X to Rs 240.51 crore in FY25 from Rs 104.88 crore in FY24, while its losses increased to Rs 12.71 crore from Rs 9.35 crore during the same period. The company also claims to achieve EBITDA profitability within the current financial year.

Stable Money raises $25 Mn led by Peak XV at $175 Mn valuation

EntrackrEntrackr · 23d ago
Stable Money raises $25 Mn led by Peak XV at $175 Mn valuation
Medial

Stable Money raises $25 Mn led by Peak XV at $175 Mn valuation Wealthtech startup Stable Money has raised $25 million at a valuation of $175 million in a pre-Series C funding round led by Peak XV Partners, with participation from Z47 (formerly Matrix Partners), RTP Global, and Fundamentum Partnership. The Bengaluru-based startup had previously mopped up $40 million from Fundamentum Partnership Fund, Matrix Partners, RTP Global, Lightspeed India, and others. The proceeds will be used to strengthen its core platform, expand access to complementary savings products, and scale its team across key functions. Stable Money, co-founded in 2022 by Saurabh Jain and Harish Reddy, is a fixed income investment platform that enables individuals to earn stable and secure returns through fixed deposits, bonds via Stable Bonds, and other low-risk instruments. It provides a digital platform where users can compare, invest in, and manage fixed income products. The company plans to deepen direct partnerships with banks and NBFCs, both established and emerging, to widen customer choice, enable smarter rate discovery, and drive innovation. It is also strengthening its on-ground presence in key cities across India to build deeper, face-to-face relationships with customers. Stable Money claims that over 40 lakh users have chosen its platform to invest more than Rs 5,000 crore across fixed deposits, Stable Bonds, and other secure instruments. For the fiscal year ending March 2025, Stable Money reported operating revenue of Rs 104 crore, compared to just Rs 1.3 crore in FY24, while its losses increased to Rs 44.8 crore from Rs 12.8 crore during the same period. As per data compiled by Entrackr, Indian wealthtech startups raised over $634 million across 51 deals involving 39 startups during 2024 and 2025.

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