FlexiLoans, a fintech lender that specializes in MSMEs, has raised Rs 290 crore, or $35 million, in its series C round led by global investors Maj Invest, Accion, and Fundamentum. Nuveen is the investment manager of TIAA.
With the money raised, the Mumbai-based NBFC-fintech business plans to expand its product line, grow its workforce, and improve its technology infrastructure.
This year, Flexi Loan has also raised a total of $16 million in debt, which includes $7 million from Vivtri AMC and $9 million from JM Financial in August.
With the help of its digital lending platform, FlexiLoans, which was founded by Deepak Jain, Manish Lunia, Ritesh Jain, and Abhishek Kothari, gives MSMEs access to funds without required collateral. The business scores clients and approves loans in less than 48 hours using proprietary technology and risk models.
The company has so far disbursed loans totaling more than Rs 7,000 crore, primarily to small and medium-sized enterprises. With relationships with more than 400 partners, FlexiLoans offers services in over 2000 cities.
Including a $90 million Series B round of debt and equity led by Fasanara Capital, MAJ Invest, and the family office of Caravel Group chairman Harry Banga, along with returning investors like Sanjay Nayar, FlexiLoans has raised over Rs 2,500 crore in debt and equity financing to date.
The company, supported by Fundamentum, exhibited a strong financial position as it grew by 2.4 times year over year to Rs 262 crore in FY24 from Rs 108.5 crore in FY23. But in the same time frame, the company’s profits fell by 50% to Rs 3.3 crore as a result of its growth-oriented strategy.
