FlexiLoans raises $90 Mn in Series B Funding

FlexiLoans, an online lending platform for small businesses, has secured $90 million in a Series B funding round that includes a mix of equity and debt.

MAJ Invest of Denmark led the $28 million equity round, while Fasanara Capital of the United Kingdom led portions of the equity and debt rounds.

FlexiLoans is a digital lending platform that provides MSMEs with collateral-free funding. It was founded by Deepak Jain, Manish Lunia, Ritesh Jain, and Abhishek Kothari. Customers are scored and loans are approved within 48 hours using proprietary technology and risk models.

Amazon, Flipkart, Nykaa, Myntra, Pine Labs, and Mswipe are among FlexiLoans’ more than 120 partners, which include e-commerce and financial companies like Amazon, Flipkart, Nykaa, Myntra, Pine Labs, and Mswipe.

The seven-year-old firm claims to have given over Rs 1,700 crore in loans across 1,600 Indian towns while maintaining a non-performing asset ratio of less than 4%. In the next 12 months, it hopes to invest Rs 1,500 crore to Rs 1,800 crore in loans.

FlexiLoans stated in a statement that the new money will be utilised to improve and broaden its loan base, as well as reach out to a significant number of tiny and underserved small businesses. The funds will also be used to build the BNPL (buy now, pay later) platform, increase the company’s partner network, and develop new product categories.

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