FlexiLoans, a leading fintech startup focused on providing loans to small and medium enterprises (SMEs), has successfully raised INR 75 Cr (approximately $9 Mn) in debt funding from JM Financials Limited. The funds were raised through the issuance of non-convertible debentures (NCDs).
The board of FlexiLoans passed a special resolution to offer up to 7,500 rated senior, secured, unlisted, transferable redeemable NCDs at a face value of INR 1 Lakh each. This fundraising effort aims to accumulate INR 75 Cr in one or more tranches, according to regulatory filings. The current round of capital raise follows an earlier round in February, where FlexiLoans secured $7.23 Mn through debt financing.
Entrackr first reported the development.
Founded in 2016 by Abhishek Kothari, Deepak Jain, Manish Lunia, and Ritesh Jain, FlexiLoans has established itself as a significant player in the online lending space, targeting SMEs and other underserved segments by providing quick and flexible loans. The Mumbai-based company has continued to expand its reach and impact in the fintech sector.
In 2022, FlexiLoans raised $90 Mn through a mix of equity and debt financing in its Series B funding round. The round saw participation from prominent investors including Denmark-based MAJ Invest, UK-based Fasanara Capital, the family offices of Harry Banga and Yogesh Mahansaria, and existing investors such as Sanjay Nayar.
According to data from Inc42, FlexiLoans has raised nearly $148 Mn through a combination of venture and debt funding since its inception.
This latest funding comes at a time when India’s fintech space is witnessing significant investor interest. For instance, in June, lending tech startup Fibe raised $90 Mn (approximately INR 750 Cr) in its Series E funding round led by TR Capital, Trifecta Capital, and Amara Partner, through a mix of primary and secondary transactions.
In a similar move, Bengaluru-based Slice secured $20 Mn (approximately INR 170 Cr) in debt funding from Neo Asset Management’s Credit Opportunities Fund, as per regulatory filings. Meanwhile, non-banking financial company (NBFC) Arthan Finance raised INR 50 Cr ($5.98 Mn) as part of its Series B funding round, led by Incofin India Progress Fund, to grow its assets under management and expand its footprint in India.