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Exclusive: FlexiLoans raises $9 Mn debt from JM Financial
Entrackr
·
11m ago
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.
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Related News
FlexiLoans Raises INR 75 Cr Debt To Expand Its Fintech Play
Inc42
·
11m ago
Medial
Fintech startup FlexiLoans has raised INR 75 Cr ($9 Mn) in debt funding from JM Financial. The funds were raised through the issuance of non-convertible debentures. FlexiLoans will offer up to 7,500 rated senior, secured, unlisted, transferable redeemable NCDs at a face value of INR 1 Lakh each in order to raise the funds. This funding round follows a previous round in February where FlexiLoans raised $7.23 Mn through debt financing.
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FlexiLoans raises $35 Mn from Accion, Fundamentum, and others
Entrackr
·
11m ago
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 secures Rs 60 Cr debt from Vivriti AMC
Entrackr
·
1y ago
Medial
MSMEs-focused fintech lender FlexiLoans has raised Rs 60 crore via non-convertible debt from Vivriti Asset Management. The fresh funds come after a gap of around 20 months for the Mumbai-based company. The board at FlexiLoans has passed a special resolution to issue 6,000 non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 per debenture for a consideration of Rs 60 crore in one or more tranches, as per the company’s regulatory filings with the Registrar of Companies. The company has already received Rs 30 crore as part of the first tranche from Vivitri Emerging Corporate Bond Fund (Vivriti Asset Management). The debt has a rate of interest of 12.9% per annum with a tenure of 31 months. The company intends to utilize the funds for the ongoing business operations. 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. FlexiLoans has more than 120 partners including companies like Amazon, Flipkart, BharatPe, Pine Labs, and Mswipe. FlexiLoans has raised over $115 million to date via equity and debt. In June 2022, it raised $90 million in its Series B round through an equity and debt mix from Fasanara Capital, MAJ Invest, and Caravel Group chairman Harry Banga’s family office along with existing shareholders including Sanjay Nayar. FlexiLoans’ revenue from operations surged 110.7% to Rs 108.5 crore during FY23 from Rs 51.5 crore in FY22. The company generates revenue from interest on loans, loan processing fees and other financial charges. As per the startup intelligence platform TheKredible, the company also turned profitable with Rs 6.66 crore profit in FY23 against Rs 10.8 crore loss in FY22.
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Exclusive: Samunnati Raises $9 Mn Debt From Impact Investment Exchange
Inc42
·
1y ago
Medial
Indian agriculture financing startup, Samunnati, has secured $9 million in debt funding from Impact Investment Exchange (IIX). The company plans to use the capital to lend to farmers, enabling them to increase their income and implement climate-smart agricultural practices. Samunnati is a platform that connects various stakeholders across the agricultural value chain, providing market linkage to agri enterprises and small producers, as well as customized financial solutions to farmers. It currently operates in 22 Indian states with a member base of over 8 million farmers and aims to impact one in every four farming households through its network by 2027.
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Fintech Startup Propelld’s NBFC Edgro Raises $25 Mn In Maiden Debt Round
Inc42
·
1y ago
Medial
Education-focused fintech startup Propelld has raised $25m in debt funding for its non-banking financial company (NBFC), Edgro Finance. The funding will enable Edgro to offer education loans. The round saw participation from nine lenders, including Credit Saison India, AU Small Finance Bank, InCred Financial Services and Northern Arc Capital. Propelld, founded in 2019, provides education loans to borrowers through its online channel. The startup assesses the eligibility of students for a loan based on their learning capabilities and employment potential. Propelld has lending partnerships with Avanse Financial Services, Aditya Birla Capital and JM Financial.
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Why are RBI and Sebi spooked about JM Financial Products?
Livemint
·
1y ago
Medial
Piramal Enterprises has faced scrutiny over a complex transaction involving non-convertible debentures (NCDs) last year. JM Financial Products, a subsidiary of JM Financial, funded 26% of the NCDs. However, on the day of the listing, JM Financial Products purchased and later sold back the securities, resulting in a loss of ₹90 lakh ($1.2m) for JM Financial Services. Following a probe by the Securities and Exchange Board of India, both the Reserve Bank of India and SEBI have barred JM Financial Products from acting as a lead manager for any public issue of debt securities.
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SEBI bans JM Financial from managing new bond issuances
VCCircle
·
1y ago
Medial
India's market regulator, SEBI, has banned JM Financial from managing new bond issuances after a preliminary investigation found that it provided funds to investors to invest in public debt issues while assuring them of an exit at a profit on the listing day. However, JM Financial can still act as lead manager for public issues of debt for the next 60 days. SEBI's action comes as part of its efforts to regulate and enforce guidelines for bond issuances.
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JM Financial says will fully cooperate with Sebi in probe into public issue of debt securities
Livemint
·
1y ago
Medial
JM Financial Ltd has stated that it will cooperate with the Securities and Exchange Board of India (SEBI) in its investigation into the public issue of debt securities. This comes after SEBI barred the company from accepting new mandates as a lead manager for these securities due to regulatory violations. While JM Financial can continue with existing mandates for 60 days, SEBI will conduct an investigation into the matter within six months. Just days earlier, the Reserve Bank of India had also barred JM Financial from providing any financing against shares and debentures.
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Exclusive: Education finance firm Auxilo raises $12 Mn more in debt
Entrackr
·
1y ago
Medial
Education-focused non-banking financial corporation (NBFC) Auxilo has secured Rs 100 crore (approximately $12 million) in a debt financing round. The board at Auxilo has issued non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 each to raise Rs 100 crore ($12 million), its regulatory filing accessed from the Registrar of Companies (RoC) shows. Dezerv Securities pumped in Rs 26.39 crore while MAS Financial Services and CredAvenue Securities (Yubi) participated with Rs 25 crore each. The balance amount will be released by the investors soon. The NCDs issued to MAS Financial and CredAvenue (Yubi) have a tenure of 36 months with an interest rate of 9.65%, while the debentures issued to Dezerv have a tenure of 29 months with an annual coupon rate of 9.90%. The development coincides with Auxilo’s $33.6 million round led by private equity firm LeapFrog Investments. As per Auxilo, LeapFrog invested $30 million while Trifecta Leaders Fund-I and Xponentia Opportunities Fund-II pumped in the remaining capital. The current debt funding appears to be separate from the recent announcement. Auxilo has raised around $145 million across equity and debt since its inception including a $57 million funding round led by Tata Capital Growth in July last year. Established in 2017, Auxilo offers student loans for pursuing education within India or abroad. It also extends loans to educational institutions for infrastructure and working capital requirements. Since its inception, Auxilo claims to have provided education loans to over 12,000 students, across more than 1,100 universities and education institutes in over 30 countries. In the next 5 years, it aims to disburse Rs 25,000 crore worth loan to more than 150,000 students in India and overseas. The New Delhi-based company demonstrated strong financial performance, achieving over 2X year-on-year growth to reach Rs 174 crore in FY23. Moreover, its profits doubled to Rs 26 crore in FY23. The company is yet to file its annual results for FY24.
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JM Financial PE in talks to invest in Namita Thapar-backed consumer brand
VCCircle
·
4m ago
Medial
JM Financial Private Equity is negotiating to invest in a consumer brand supported by Namita Thapar, executive director of Emcure Pharmaceuticals. JM Financial Group, a Mumbai-based financial services firm with a focus on private equity, private credit, debt, and mutual funds, is involved in this potential investment. The information comes from two individuals aware of the proceedings, while the firm was founded by Nimesh Kampani.
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