FlexiLoans, a leading digital lending NBFC focused on empowering Micro, Small, and Medium Enterprises (MSMEs) in India, has successfully raised INR 290 crore in its Series C funding round. This round was led by prominent global and domestic investors, including Accion, Nuveen, Fundamentum, and Maj Invest, with Unitus Capital acting as the exclusive advisor for the transaction.
The Series C funding brings the total equity raised by FlexiLoans to INR 636 crore, adding to the INR 2,000 crore the company has already secured in debt funding. The infusion of fresh capital is set to boost the company’s efforts to scale operations, enhance product offerings, and bolster its technological infrastructure.
Co-founder Deepak Jain shared his excitement about the funding, stating, “We are pleased to have secured INR 290 crore 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, and enabling more underserved MSME businesses to access the funds they need to grow and succeed.”
Founded in 2016 by Deepak Jain, Ritesh Jain, and Manish Lunia, FlexiLoans has built a robust digital-first approach to lending, providing term loans between INR 2 lakh and INR 25 lakh, as well as supply chain financing ranging from INR 25 lakh to INR 10 crore. The company has a mission to support MSMEs by providing them with easy access to financial resources, fostering their growth across the country.
Commenting on the significance of the company’s offerings, Nethra Bhat, Partner, Asia, Accion Digital Transformation, said, “FlexiLoans is connecting MSMEs across India to working capital so they can better serve their customers. They understand the Indian digital MSME space and their customers’ needs and have a strong tech platform.”
Operating from Mumbai, FlexiLoans has disbursed more than INR 7,000 crore in loans across 2,100 towns and cities in India through its 100% digital model. This approach has allowed the company to serve over 15,000 pin codes without the need for physical branches. FlexiLoans’ strategic alliances with e-commerce giants like Flipkart, Amazon, and payment platforms such as Paytm and PhonePe have given it access to over 10 million SMEs, enabling it to provide tailored credit solutions.
Through partnerships with over 20 lenders, FlexiLoans leverages its advanced tech platform to serve a broad spectrum of MSME customers, ensuring that underserved businesses in Tier II and Tier III cities are not left behind.
Radhika Shroff, Managing Director, Impact Investing Private Equity at Nuveen, expressed her support for FlexiLoans’ vision, stating, “India is home to over 60 million small businesses in need of working capital. FlexiLoans provides a commercial and proven solution by offering small businesses a differentiated digital delivery and underwriting model to scale financial inclusion to underserved Tier II and Tier III cities.”
As the company looks toward future growth, FlexiLoans is on track to achieve disbursements of INR 5,100 crore by FY25, cementing its position as a leading digital lending platform for MSMEs across India.