Flexiloans, a non banking financial company (NBFC) has bagged Rs 290 crore as part of its Series C funding from a group of investors such as Accion, MAJ Invest, Nuveen and Fundamentum. This is as per a report by Inc42.
According to the co-founder Deepak Jain, the funds will be used for the growth of the company, enlarge its product offering and grow its business.
The company is also looking to expand its supply chain financing market and collaborate with traditional corporate finance platforms by getting into partnerships with them, in terms of vendor and dealer financing.
The development comes at a time when lending companies are raising capital fueled by the objective of helping MSMEs across the country.
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The potential of the supply chain is expected to undergo great transformation in India in the next five to ten years. Flexiloans is aiming to take advantage of this to expand its business.
Companies such as Arthan Finance, Lendingkart, Aye Finance, Moneyboxx, Clix Capital have raised capital from various investors with the same objective of lending loans to MSMEs.
The Reserve Bank of India, two weeks ago, unveiled its plans to launch a platform called 'Unified Lending Interface', to offer credit to rural and small businesses, which will meet the demand for underserved credit across various sectors, including agricultural and MSME borrowers.
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Flexiloans is founded by Deepak Jain, Ritesh Jain and Manish Lunia. It is an online lending platform that targets small and medium enterprises (SMEs) and other under-catered segments to provide flexible and quick loans.
The fintech firm has reportedly given over Rs 7,000 cr across 2,100 towns and cities.
In its series B funding round, it raised $90mn through a mix of equity and debt financing from investors such as Denmark-based MAJ Invest, UK-based Fasanara Capital and others. It also secured a debt funding of Rs 75 cr for JM Financials through the issuance of non-convertible debentures in August.
