FlexiLoans, a prominent fintech startup dedicated to offering loans to small and medium enterprises (SMEs), has successfully secured INR 75 crore (approximately $9 million) in debt funding from JM Financials Limited. This capital was raised through the issuance of non-convertible debentures (NCDs).
The board of FlexiLoans 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. This fundraising initiative aims to collect INR 75 crore in one or more tranches, as indicated by regulatory filings. This latest round of funding follows an earlier debt financing round in February, where the company raised $7.23 million.
Founded in 2016 by Abhishek Kothari, Deepak Jain, Manish Lunia, and Ritesh Jain, FlexiLoans has become a key player in the online lending industry, focusing on providing quick and flexible loans to SMEs and other underserved sectors. The Mumbai-based company has consistently expanded its influence and presence within the fintech space.
In 2022, FlexiLoans raised $90 million through a combination of equity and debt financing during its Series B funding round. This round attracted notable investors, including Denmark-based MAJ Invest, UK-based Fasanara Capital, the family offices of Harry Banga and Yogesh Mahansaria, as well as existing investors.
Since its inception, FlexiLoans has raised nearly $148 million through a mix of venture and debt funding.
This recent funding comes at a time when India’s fintech sector is experiencing considerable investor interest. For instance, in June, another lending tech startup raised $90 million (approximately INR 750 crore) in its Series E funding round led by multiple investors, through a mix of primary and secondary transactions.
