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Exclusive: FlexiLoans secures Rs 60 Cr debt from Vivriti AMC

EntrackrEntrackr · 1y ago
Exclusive: FlexiLoans secures Rs 60 Cr debt from Vivriti AMC
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: FlexiLoans raises $9 Mn debt from JM Financial

EntrackrEntrackr · 11m 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.

Exclusive: Oxyzo secures Rs 100 Cr debt

EntrackrEntrackr · 4m ago
Exclusive: Oxyzo secures Rs 100 Cr debt
Medial

Exclusive: Oxyzo secures Rs 100 Cr debt Fintech unicorn Oxyzo has secured Rs 100 crore (approximately $12 million) in debt from AK Capital Finance, a subsidiary of merchant banker A.K. Capital Services Ltd. The boards at Oxyzo allotted 1,00,000 non-convertible debentures to AK Capital at an issue price of Rs 10,000 each to raise Rs 100 crore, its regulatory filing sourced from the Registrar of Companies shows. The aforementioned debentures are issued for a tenure of 24 months and carry an interest rate of 9.75% per annum, the filing added. The proceeds will be used to augment the long-term resources of the company and meet working capital requirements. Oxyzo is the lending arm of B2B e-commerce unicorn OfBusiness, providing customized credit solutions for SMEs. It offers a range of loan products, including term loans, working capital solutions, low-interest rates, and collateral-free credit options. According to data intelligence platform TheKredible, the Gurugram-based company reported operating revenue of over Rs 900 crore and a profit of Rs 290 crore for the financial year ending 2024. Oxyzo’s net profit grew 11.38% to Rs 82.89 crore and sales jumped 27.43% to Rs 282.80 crore in the quarter ended December 2024 (Q3 FY25), compared to Rs 221.93 crore in December 2023. The Ruchi Kalra-led firm achieved unicorn status by raising $200 million in its first external funding round, and it became the first startup to surpass a $1 billion valuation during its Series A round. As per TheKredible, OFB group including promoters holds 74.5% while Alpha Wave is the largest external stakeholder with 7.4% followed by Tiger Global.

Care.fi secures Rs 7.5 Cr in debt from Vivriti Capital

EntrackrEntrackr · 3m ago
Care.fi secures Rs 7.5 Cr in debt from Vivriti Capital
Medial

Care.fi secures Rs 7.5 Cr in debt from Vivriti Capital Healthcare-focused fintech startup Care.fi has secured Rs 7.5 crore in debt capital from Vivriti Capital. This latest investment follows its previous funding rounds, which included Rs 8 crore in debt capital raised from Wint Wealth and Caspian, along with $2.5 million (around Rs 21 crore) in debt from Trifecta Capital and UC Inclusive Credit. In total, the group has raised approximately Rs 29 crore to date. The fresh funding will be utilized to accelerate its aim to empower Revenue Cycle Management (RCM) for hospitals and expand the reach of RevNow, Care.fi said in a press release. Co-founded in 2021 by Sidak Singh and Vikrant Agarwal, Care.fi aims to weed out the hassles of insurance claims, which remain a complex challenge for hospitals, often leading to delayed discharges, revenue leakages, and operational inefficiencies. According to the Gurugram-based company, its AI-driven RCM platform, RevNow, is making a significant impact by expediting claim settlements and ensuring hospitals receive payments within 3–5 days post-discharge. It enables 30-minute patient discharges by automating final billing and approvals, drastically reducing wait times. RevNow optimizes hospital workflows with real-time query notifications, automated responses, and integrated mailing services. It also enhances financial transparency by providing real-time reconciliation of cash flows at the entity, unit, and claim levels, offering hospitals greater visibility. “Since our inception, we have focused on solving critical operational pain points in hospital revenue management. With RevNow, we are setting new benchmarks in claims processing efficiency. This latest funding will enable us to scale further, helping hospitals optimize financial workflows while ensuring better patient experiences. As the healthcare ecosystem grows, we aim to continue innovating and improving revenue realization for providers,” said Sidak Singh, co-founder of Care.fi. Care.fi claims that it is handling over Rs 800 crore in claims across over 300 hospitals and auditing more than 50,000 claims. The platform also aims to expand RevNow’s capabilities and integrate further with hospital information systems (HIS), electronic health records (EHR), and billing platforms.

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

EntrackrEntrackr · 10m 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.

Exclusive: Fintech startup Zype secures debt

EntrackrEntrackr · 1m ago
Exclusive: Fintech startup Zype secures debt
Medial

**Title:** Exclusive: Fintech startup Zype secures debt Fintech platform Zype secured Rs 34 crore ($4 million) in debt funding from existing investors Xponentia Capital through Xponentia Opportunities Fund II. The Zype’s board has allotted 34,000 non-convertible debentures having face value of Rs 10,000 apiece to Xponentia Capital to raise the above mentioned amount, according to its filing with Registrar of Companies (RoC). The proceeds of this debt funding will be used to augment the long-term working capital needs of the company, the filing added. Founded in 2022 by Yogi Sadana, Zype is a fintech platform that provides instant personal loans of up to Rs 2 lakh with flexible repayment options. In addition to lending, it offers a credit analyzer to help users monitor their spending and a bill payment feature that rewards users with cashback. The company claims to have disbursed over 4.5 lakh loans and recorded more than 4.5 million app downloads across iOS and Android platforms. The fintech platform last raised funds in December 2022, securing Rs 146 crore (approximately $17.7 million) from its existing investor, Xponentia Capital. The Mumbai-based company reported Rs 20.3 crore in operating revenue for the fiscal year ending March 2024, while posting a loss of Rs 7.3 crore during the same period. Zype competes with several established personal loan platforms, including KreditBee, which reported a profit of Rs 200 crore in FY24 through its NBFC arm KrazyBee; CASHe, which posted Rs 651 crore in revenue; and Kissht, which recorded Rs 1,674 crore in operating revenue along with a profit of Rs 197 crore in FY24.

Exclusive: Zetwerk secures debt from JM Financial

EntrackrEntrackr · 13h ago
Exclusive: Zetwerk secures debt from JM Financial
Medial

B2B e-commerce unicorn Zetwerk has raised Rs 75 crore (around $8.8 million) in debt funding from JM Financial, one of the banks it has reportedly appointed for its planned initial public offering (IPO). As per regulatory filings accessed via the Registrar of Companies (RoC), the company’s board issued 7,500 non-convertible debentures having a face value of Rs 1,00,000 each to raise the above-mentioned amount. Founded by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary, Zetwerk connects buyers with suppliers for manufacturing projects. It partners with vendors specializing in fabrication, machining, casting, forging, and galvanizing of machine parts. It’s operational in India, the US, the Middle East, and Southeast Asia. According to startup data intelligence platform TheKredible, the Peak XV-backed company has raised over $850 million to date, including debt. This includes a $67 million Series F round led by Khosla Ventures at a $3 billion valuation, as exclusively reported by Entrackr. Zetwerk plans to raise at least $500 million through its IPO in the next 12 to 24 months, targeting a valuation of around $5 billion. While it has yet to disclose its FY25 numbers, the Bengaluru-based company reported a 26% increase in gross revenue, rising to Rs 14,435.72 crore in FY24 from Rs 11,448.66 crore in FY23. However, during the same period, losses surged 9X to Rs 919 crore, which included exceptional items worth Rs 371.7 crore. In the B2B e-commerce space, Zetwerk competes with Infra.Market, which recently raised $150 million in debt from Mars Growth Capital, and IPO-bound OfBusiness, which recently secured Rs 100 crore in funding. It also rivals Moglix, another unicorn in the segment.

Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt

EntrackrEntrackr · 11m ago
Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt
Medial

Ather Energy has continued to raise debt funding before its potential public listing. The Bengaluru-based company has raised Rs 60 crore (over $7 million) in debt from Stride Ventures through its trustee Vistra ITCL. This is the second debt infusion in the electric scooter manufacturer in the past two months. Stride Ventures invested Rs 200 crore via debentures in May. Entrackr had exclusively reported the fundraise which also had equity investment from co-founders. While Ather IPO timeline is yet to be known, it took a definitive step towards public listing by converting itself into a public company in June. Ather has raised around $450 million to date from the likes of Tiger Global and Hero MotoCorp. As per the startup data intelligence platform TheKredible, Hero Moto Corp is an associate company of Ather and controls around 38% stake. Following a four-fold growth during FY23, Ather’s revenue from operations decreased slightly to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23, as per disclosure made by Hero Moto Corp. The sale of scooters was the primary source of revenue for Ather while after-sale and subscription services were other income channels. Ather maintained its position as the fourth largest two-wheeler EV manufacturer with 6,097 units sold in June 2024 and a market share of 7.66%, according to Vahan data. Its arch rival Ola Electric stayed on top with sales of 36,716 units, controlling a market share of 44%. The company recently said that it will set up its third manufacturing plant in Maharashtra with an investment of Rs 2,000 crore. The new facility will produce electric two-wheelers as well as battery packs.

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