Fintech lender FlexiLoans.com has raised $90 million (about Rs 699 crore) in Series-B funding from marquee investors such as Denmark-based private equity firm Maj Invest and UK-based fintech investor Fasanara Capital.
This investment marks Fasanara Capital’s first small and medium enterprise (SME) investment in India and Maj Invest’s third this year. The family offices of investors Harry Banga and Yogesh Mahansaria, and existing shareholders such as veteran banker and deal maker Sanjay Nayar also took part in the round.
“Our current disbursement to date is about Rs 1,700 crore and we plan to double this over the next 12 months through co-lending, Buy Now Pay Later and supply chain finance platforms. The fresh capital will be used to strengthen our existing lending base and reach out to more small and under-served enterprises across 1,600 cities we serve,” Deepak Jain, co-founder of Flexiloans.com, said.
The firm disburses more than Rs 100 crore ($4 million) a month.
The round comprises Rs 210 crore of equity infusion and the balance in debt commitment, he said, adding this round would provide a “strong runway” (financing) for the firm.
Asialink Advisors and Axis Capital were the advisors for the fund raise.
This is the third fund-raise by FlexiLoans.com. In 2016, the firm had raised Rs 100 crore from marquee investors, including Sanjay Nayar and leading bankers. Then, in 2020, it raised Rs 150 crore in an equity and debt funding round led by the Sanjay and Falguni Nayar Family Office.
The firm has more than 120 eco-system partners, including e-commerce giants such as Amazon, Flipkart, Nykaa and Myntra, and has integrated with seven co-lenders such as Fullerton, RBL Bank and Karur Vysya Bank among others.