STARTUP-STORIES

FlexiLoans Secures INR 75 Crore in Debt Funding from JM Financials, Bolstering SME Lending

SUMMARY

1. FlexiLoans has raised INR 75 crore (approximately $9 million) in debt funding from JM Financials Limited through non-convertible debentures (NCDs), aiming to enhance its lending capabilities and expand its reach in the SME sector. This follows a previous debt financing round in February where the company secured $7.23 million.

2. Since its founding in 2016, FlexiLoans has raised nearly $148 million in total funding and has seen significant growth, including a $90 million Series B round in 2022. The latest funding comes amid increased investor interest in India’s fintech sector, with other notable startups also securing substantial investments recently.

FlexiLoans, a prominent fintech startup specializing in loans for small and medium enterprises (SMEs), has successfully secured INR 75 crore (approximately $9 million) in debt funding from JM Financials Limited. The funds were raised through the issuance of non-convertible debentures (NCDs), marking a significant boost for the company’s expansion plans.

The FlexiLoans board approved a special resolution to issue up to 7,500 rated senior, secured, unlisted, transferable redeemable NCDs, each with a face value of INR 1 lakh. The fundraising initiative aims to accumulate INR 75 crore in one or more tranches, according to recent regulatory filings. This latest capital raise follows a previous round in February, where FlexiLoans successfully secured $7.23 million through debt financing.

Founded in 2016 by Abhishek Kothari, Deepak Jain, Manish Lunia, and Ritesh Jain, FlexiLoans has established itself as a key player in the online lending sector. The Mumbai-based company targets underserved segments by offering quick and flexible loan solutions tailored to SMEs. In 2022, FlexiLoans raised $90 million in its Series B funding round, with participation from prominent investors such as Denmark-based MAJ Invest, UK-based Fasanara Capital, and the family offices of Harry Banga and Yogesh Mahansaria.

Since its inception, FlexiLoans has raised nearly $148 million through a mix of venture and debt funding, as reported by Inc42. This latest funding round continues to highlight the strong investor confidence in the company’s growth potential and its significant role in the fintech landscape.

The latest funding news for FlexiLoans comes amidst a broader surge of investor interest in India’s fintech sector. In June, lending tech startup Fibe raised $90 million (approximately INR 750 crore) in its Series E funding round, led by TR Capital, Trifecta Capital, and Amara Partner. Additionally, Bengaluru-based Slice secured $20 million (approximately INR 170 crore) in debt funding from Neo Asset Management’s Credit Opportunities Fund. Non-banking financial company (NBFC) Arthan Finance also raised INR 50 crore ($5.98 million) in its Series B funding round, led by Incofin India Progress Fund, to expand its assets under management.