India: Fintech lender FlexiLoans.com raises $20m in equity, debt financing

Photo: Reuters

Mumbai-based fintech lender FlexiLoans.com has raised about $20 million (Rs150 crore) through a mix of equity and debt funding, it announced on Wednesday.

The entire equity funding in the current round has been provided by the Falguni and Sanjay Nayar Family Office — the investment arm of Nykaa founder Falguni Nayar and her husband, the company said in a statement.

With the latest funding, FlexiLoans has raised a total of Rs500 crore in equity and debt funding since its inception in 2016.

The fundraising will help the firm in scaling up its micro-SME lending, and grow its supply chain and co-lending verticals. Besides, it will also announce significant alliance partnerships this quarter to offer new lending products.

“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,” Deepak Jain, co-founder of FlexiLoans.com, said.

Over the last four years, FlexiLoans.com claims to have disbursed over 30,000 unsecured loans worth over Rs800 crore in over 1400 cities across India. It also has partnerships with over 100 companies across e-commerce ecosystems, payment gateways and supply chain ecosystems.

Other prominent NBFC startups to have raised funding recently include Finova Capital, which has raised $35 million from Sequoia Capital India and Faering Capital and an additional $20 million from various lenders. Fintech platform GetVantage has raised $5 million, through equity and debt, as a part of its seed round of funding led by Chiratae Ventures (formerly IDG Ventures).

Last month, Avanse Financial Services Limited raised about $15 million from World Business Capital Inc., a US-based financial institution.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.