FlexiLoans, a Mumbai-based online lending platform, announced that it has raised Rs 150 crore in a mix of debt and equity financing from multiple investors. The investment was led by Falguni and Sanjay Nayar Family Office.
The startup plans to use the funds raised to scale up its micro SME lending and launch new lending products and enter into alliances. It is also targeting to ramp up its supply chain and co-lending verticals. Earlier in 2016, it had raised Rs 500 crore, of which Rs 400 crore was debt financing.
Other investors that participated in the funding round are Anil Jaggia, former CIO of HDFC Bank and Vikram Sud, former head of operations and technology at Citibank.
“FlexiLoans.com has been found to be one of the strongest fintech technology platforms with a right mix of strategy, business partnerships and underwriting processes to capitalise on the digital lending opportunity in India, especially in the post-Covid-19 environment,” a spokesperson from the Nayar Family Office said.
Founded in 2016 by Abhishek Kothari, Deepak Jain, Manish Lunia and Ritesh Jain, FlexiLoans claims it has disbursed more than 30,000 unsecured loans worth over Rs 800 crore across more than 1,400 cities.
Commenting on the development, Deepak Jain, co-founder of FlexiLoans.com, 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.”
EY acted as sole financial advisor, while Shardul Amarchand Mangaldas acted as sole legal advisors.
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