FlexiLoans, a fintech lending company focusing on MSME financing, has raised Rs. 375 crore($44 million) in Series C funding, led by existing investor consisting of Fundamentum, Accion Digital Transformation, Nuveen, and Maj Invest, along with new investor British International Investment (BII), the UK’s development finance institution.
- FlexiLoans raises Rs. 375 crore Series C funding led by BII and existing investors to fuel MSME lending and expansion.
- Fintech startup FlexiLoans sees 2.4X revenue growth in FY24, leveraging digital lending for underserved MSMEs in Tier II & III cities.
- With a total of Rs. 665 crore funding in 6 months, FlexiLoans aims to scale across new geographies, products, and technology platforms.
This raised their total investment raised to Rs. 665 crore (approximately $78 million) over the past six-months, following funding of Rs. 290 crore in September 2024.
This funding was a combination of primary equity for operational expansion, along with secondary transactions with liquidity for existing investors as well. Prior to this funding round, the company raised capital from Sanjay and Falguni Nayar, MAJ Invest, Fasanara Capital with also leading family offices of previous bankers.
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FlexiLoans plans to use the capital to grow into new geographies, new product categories and further build their technology base, the company said in a press release.
Deepak Jain, Ritesh Jain, and Manish Lunia founded FlexiLoans in 2016, they have targeted underserved MSMEs and enable a fully digital method to obtain business loans. FlexiLoans uses alternative data to remove the barriers to financing for small businesses or MSMEs in tier II and tier III cities and obtain loan approvals in 48 hours or less.
FlexiLoans achieved a year-on-year growth of 2.4X in operating revenue from Rs. 108.5 crore in FY23 to Rs. 262 crore in FY24. However, the profits of the company declined by 50 percent to Rs. 3.3 crore in FY24, compared to the same period.
