Mumbai-based Fintech Firm FlexiLoans Secures Rs 75 Crore in Debt Funding from JM Financial
Mumbai, India – FlexiLoans, a fintech lender focused on serving Micro, Small, and Medium Enterprises (MSME), has raised Rs 75 crore (approximately $9 million) in debt funding from JM Financial, a leading Indian financial services company. This is the second debt round for FlexiLoans this year, indicating a significant vote of confidence in the company’s growth potential.
The debt infusion is part of FlexiLoans’ strategy to fuel its ongoing business operations, with a specific focus on expanding its lending services to MSMEs. The company plans to utilize the funds to further enhance its technological capabilities, improve its risk management processes, and strengthen its partnerships with current and potential customers.
FlexiLoans has a proven track record of growth, with its collection jumping 2.4 times year-on-year in the fiscal year ending March 2024. The company’s operating revenue soared to Rs 262 crore in FY24 from Rs 109 crore in FY23, signifying a notable increase in its business activities. Additionally, FlexiLoans maintained its profitability with a Post-Tax profit (PAT) of Rs 3 crore during the same period.
Established in 2015, FlexiLoans offers collateral-free loans to MSMEs, with a loan tenure of up to 36 months. The company has disbursed over Rs 7,000 crore in loans and has partnerships with over 400 partners, enabling it to reach a wider customer base. FlexiLoans has also established its NBFC, Epimoney, to extend its lending services to a broader customer segment.
FlexiLoans competes with a few other fintech firms, including Lendingkart, Indifi, Incred, Oxyzo, and Aye Finance, in the Indian market. The company has raised over $124 million to date, including a significant $90 million Series B round from Fasanara Capital, MAJ Invest, Caravel Group, and others in June 2022.
The latest debt funding from JM Financial is expected to further propel FlexiLoans’ growth and cement its position as a leading fintech lender in the Indian market. The company is also set to secure an additional $35 million in funding from fund late-stage investor Fundamentum, co-founded by renowned entrepreneur Nandan Nilekani.
