FlexiLoans, an innovator in India’s digital lending space, has announced a successful equity raise of $34.5m in its latest Series C funding round.
This significant investment was led by an ensemble of both global and domestic backers including Accion, Nuveen, Fundamentum, and existing investor Maj Invest, underscoring the confidence in FlexiLoans’ mission and strategy.
Founded in 2016 by Deepak Jain, Ritesh Jain, and Manish Lunia, FlexiLoans has become a cornerstone in the Indian MSME financing landscape. The company’s platform has revolutionised the way small businesses access financial services, particularly in less urban areas. By employing a fully digital model, FlexiLoans allows for rapid loan approvals, often within 48 hours, using alternative data sources for credit assessments.
With the new funds, FlexiLoans is poised to broaden its operational reach and refine its product offerings, with a strong focus on technological enhancements. This strategic capital injection will enable the company to continue its mission to fuel the growth of Micro, Small and Medium-sized Enterprises (MSMEs) across India, especially in tier 2 and tier 3 cities where traditional banking services are limited.
FlexiLoans has made significant strides in financial inclusion, having disbursed over ₹7,000 crores across more than 2,100 towns and cities in India.
The firm’s sophisticated proprietary credit underwriting engine, which incorporates advanced machine learning algorithms, plays a crucial role in assessing borrowers’ creditworthiness without traditional collateral requirements.
Deepak Jain, co-founder of FlexiLoans, highlighted the impact of the new funding, “We are pleased to have secured ₹290 crores in our Series C round from such global blue-chip private equity funds who resonate with our vision to empower MSMEs across India. With this capital, we will further our mission of driving financial inclusion, expanding our reach, enabling more underserved MSME businesses to access the funds they need to grow and succeed”.
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