Digital Lender FlexiLoans Raises INR 150 Cr Through A Mix of Equity and Debt
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Digital lending startup FlexiLoans on Wednesday announced it has raised INR 150 crore through a mix of equity and debt lines. The fund has been raised from Falguni and Sanjay Nayar Family Office.
With the current funding, the Mumbai-based startup has raised INR 500 crore in a mix of both equity and debt since its inception in 2016 and banking relationships with over 13 financial institutions.
The startup will utilize the fresh capital infusion in scaling its micro SME lending and has significant alliance partnerships that will be announced this quarter by offering lending products. The startup also aims to scale its supply chain and co-lending verticals.
The startup founded by Manish Lunia, Ritesh Jain, Deepak Jain and Abhishek Kothari claims to be ranked amongst the top 100 fintech innovators globally. It uses proprietary technology and risk models that focus on advanced analytics and surrogate methods for scoring customers.
Commenting on the startup, Deepak Jain, co-founder of FlexiLoans said, “With this strong commitment by existing investors and industry veterans, FlexiLoans.com is now poised to enter the next phase of its growth journey that we have clearly crafted on the lines of Profitability, Growth and Risk Control. We chose to accept this bid over other term sheets we had from a few institutional investors, given the long term nature of this capital.”
Commenting on the investment, a spokesperson from Nayar family office said, “FlexiLoans.com has one of the strongest fintech technology platform with a right mix of strategy, business partnerships and underwriting processes to capitalize on the digital lending opportunity in India, especially in the post-COVID environment.”
The digital-based lender in the last four years has disbursed over 30,000 unsecured loans worth over INR 800 crore in more than 1,400 cities across India. The startup has over 100 partnerships with leading e-commerce ecosystems, payment gateways and supply chain ecosystems.