FlexiLoans, a Mumbai-based Non-Banking Financial Company (NBFC) and fintech lender, has raised approximately $35 million (Rs 290 crore) in its Series C funding round led by global investors Accion, Nuveen (the investment manager of TIAA), and Fundamentum, alongside existing backer Maj Invest.
Key Highlights of the Funding
- The funding round is valued at approximately $35 million (Rs 290 crore).
- Accion, Nuveen, and Fundamentum led the round, with Maj Invest also participating.
- FlexiLoans plans to use the funds to scale its operations, broaden its product portfolio, and enhance its technological infrastructure.
- The company has already raised $16 million in debt financing this year, including $9 million from JM Financial and $7 million from Vivtri AMC.
About FlexiLoans
FlexiLoans was founded by Deepak Jain, Manish Lunia, Ritesh Jain, and Abhishek Kothari. The company provides MSMEs access to collateral-free funds through its digital lending platform, using proprietary technology and risk models to score customers and approve loans within 48 hours. As of now, FlexiLoans has disbursed over Rs 7,000 crore in loans, mostly to small and medium businesses.
Financial Performance
FlexiLoans 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.
This funding round is a significant milestone for FlexiLoans, enabling the company to further streamline its operations, improve its product offerings, and expand its reach. With the growing demand for fintech services in India, especially among MSMEs, FlexiLoans is well-positioned to capitalize on this trend and establish itself as a leading player in the digital lending space.