FlexiLoans, a fintech lender that specializes in MSMEs, has raised $9 million, or roughly Rs 75 crore, through non-convertible debt from JM Financial. The Mumbai-based company is in its second debt round of the year.
According to the media, FlexiLoans’ board has decided to issue 7,500 non-convertible debentures in order to raise Rs 75 crore.
With a 24-month duration, the debt has an annual coupon rate of 12.05%. The documents also stated that the company plans to use the money for continuing business operations.
MSMEs can apply for loans without collateral with FlexiLoans, which was founded by Abhishek Kothari, Ritesh Jain, Manish Lunia, and Deepak Jain. With a combination of debt and equity, the company has raised over $124 million to date. In June 2022, Fasanara Capital, MAJ Invest, and Caravel Group led a $90 million Series B round.
The company’s website states that more than Rs 7,000 crore in loans have been disbursed. Flexiloans lends through its NBFC, Epimoney, in addition to alliances with more than 400 partners. With a maximum term of 36 months, the company offers loans in the range of Rs 50,000 to Rs 1 crore.
The fintech company experienced rapid growth in the fiscal year that ended in March 2024, with a 2.4X year-over-year increase in collection. Operating revenue increased dramatically from Rs 109 crore in FY23 to Rs 262 crore in FY24. With a profit of Rs 3 crore PAT during that time, the company continued to be profitable.
Aye Finance, Lendingkart, Indifi, Incred, Oxyzo, and several other fintech companies are competitors of FlexiLoans.
