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

Entrackr · 2m

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.