India’s FlexiLoans bags $34.5m Series C for lending platform expansion
FlexiLoans has raised $34.5 million in Series C funding, bolstering its mission of closing the funding gap among India’s micro, small and medium-sized enterprises (MSMEs) with its online lending platform.
Mumbai-based FlexiLoans raises $34.5 million
The equity raise was led by existing investor Maj Invest, which previously spearheaded the platform’s $90 million Series B closed in 2022, and Accion Digital Transformation, Nuveen, and Fundamentum as new investors.
The closing of the Series C brings FlexiLoans’ total amount secured to $76.6 million in equity and over $240.9 million in debt.
FlexiLoans says it plans to utilise its latest funds to “expand its operations, enhance its product offerings, and strengthen its technological infrastructure”.
“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,” comments Deepak Jain (centre in the photo), who co-founded FlexiLoans alongside Ritesh Jain (right) and Manish Lunia (left) in 2016.
The Mumbai-based start-up leverages a proprietary credit underwriting engine, powered by machine learning, to assess borrowers’ creditworthiness without the need for traditional collateral.
Targeting MSMEs across India’s tier two cities (emerging urban centres with substantial growth potential) and tier three cities (smaller urban centres that are experiencing growing populations and developing infrastructure) specifically, FlexiLoans claims its application of alternative data sources can deliver loan approvals “in as little as 48 hours”, with over $840 million disbursed to more than 50,000 businesses to date.
FlexiLoans credits its integrations with e-commerce platforms, lenders, and payment technology vendors for its ability to “design innovative and customised credit products” while simultaneously “maximising capital supply” for larger and more diverse MSMEs.
