FlexiLoans.com Bags $90 Million

Flexiloan.com announced on Tuesday that it has raised $90 million in a mix of debt and equity to process loans worth 1,500 crore-2,000 crore ($190-$260 million) over the next 12 months.

The Series B round was led by Danish private equity firm MAJ Invest, UK-based intact investor Fasanara Capital, and the family offices of Dr. Harry Banga and Yogesh Mahansaria. According to Deepak Jain, co-founder of Flexiloan.com, the company has been in talks for this round since last August and began signing term sheets in January.

Former Citigroup CEO Sanjay Nayar, the husband of Nykaa founder Falguni Nayar, also participated in the round, which included a debt infusion of 210 crores ($28 million). To date, the company has raised 350 crores, which has been used for lending and technology investment.

The six-year-old startup intends to use the funds to expand its micro, small, and medium-sized enterprise (SME) lending. It also intends to develop a technological advantage for its BNPL, supply chain, and co-lending services. The company intends to hire for the product and technology teams.

Flexiloan.com, founded in 2016 by Deepak Jain, Ritesh Jain, Manish Lunia, and Abhishek Kothari, has disbursed over 1,700 crores ($200 million) to micro, small, and medium enterprises (MSMEs) across 1,600 Indian cities with no offline centers. In the next 12 months, the company plans to make loans of up to 2,000 crores ($260 million), which is slightly more than the loans it has made since its inception.