FlexiLoans, a Mumbai-based fintech lender focusing on MSMEs, has raised Rs 290 crore (approximately $35 million) in its Series C funding round. The round was led by global investors including Accion, Nuveen (the investment arm of TIAA), and Fundamentum, with participation from existing backer Maj Invest.
The fresh capital will be used to scale operations, enhance the company’s product offerings, and strengthen its technological infrastructure to better serve small and medium enterprises across India.
In addition to the equity raise, FlexiLoans secured $16 million in debt financing this year, with $9 million coming from JM Financial in August and $7 million from Vivriti AMC. The fintech company has now raised over Rs 2,500 crore in total debt and equity funding since its inception.
Founded by Deepak Jain, Manish Lunia, Ritesh Jain, and Abhishek Kothari, FlexiLoans aims to provide MSMEs with collateral-free loans through its digital lending platform. Using proprietary technology and risk models, the platform facilitates loan approval within 48 hours. To date, the company has disbursed over Rs 7,000 crore in loans to businesses, covering more than 2,000 cities and partnering with over 400 entities.
FlexiLoans’ financials reflect strong growth, with revenue surging 2.4X year-on-year to Rs 262 crore in FY24, compared to Rs 108.5 crore in FY23. However, its profits took a hit, declining by 50% to Rs 3.3 crore in the same period, underscoring the company’s reinvestment in growth and expansion efforts.
This latest funding round further solidifies FlexiLoans’ position in the fintech space, providing crucial capital to support the growth of India’s MSME sector.
