Flexible Financing just got a major Boost: FlexiLoans Secures Rs 290 Crore in Funding

FlexiLoans, a Mumbai-based NBFC-fintech company, has raised approximately $35 million (Rs 290 crore) in its series C round of funding. The investment was led by notable global investors Accion, Nuveen (investment manager of TIAA), and Fundamentum, along with existing backer Maj Invest.

The funds raised will be utilized by FlexiLoans to scale its operations, expand its product offerings, and enhance its technological infrastructure. Additionally, the company has also secured a total of $16 million in debt this year from JM Financial and Vivtri AMC.

FlexiLoans, co-founded by Deepak Jain, Manish Lunia, Ritesh Jain, and Abhishek Kothari, has made significant strides in providing MSMEs access to collateral-free funds through its digital lending platform. The company utilizes proprietary technology and risk models to score customers and approve loans within 48 hours.

Since inception, FlexiLoans has disbursed over Rs 7,000 crore in loans, largely to small and medium-sized businesses, and covers more than 2000 cities with over 400 partners. FlexiLoans has achieved a total of Rs 2,500 crore in debt and equity financing to date, including a $90 million series B round.

The Fundamentum-backed company recorded a significant year-on-year growth of 2.4 times to Rs 262 crore in the previous fiscal year (FY24) from Rs 108.5 crore in FY23. However, while pursuing growth, the company’s profits declined by 50% to Rs 3.3 crore in the same period.

Key Highlights:

• Raised Rs 290 crore in Series C funding led by Accion, Nuveen, and Fundamentum
• Fundraising will be used to scale operations, boost product portfolio, and technology infrastructure
• Company has disbursed Rs 7,000 crore in loans to MSMEs
• Expanded presence to over 2000 cities with partnerships with over 400 organizations
• Achieved Rs 2,500 crore in debt and equity financing to date
• Recorded 2.4 times year-on-year growth in revenue from Rs 108.5 crore to Rs 262 crore
• Profits declined by 50% to Rs 3.3 crore due to growth pursuits