FlexiLoans said that the partnership has targeted reaching out to over 10,000 MSMEs in the next 12-18 months.
Fintech startup FlexiLoans has partnered with Vivriti Capital to disburse working capital loans of more than Rs 300 crores to micro, small, and medium enterprises (MSMEs). Businesses will be able to apply for these loans online and receive in-principal approval within 24- 48 hours digitally without any manual intervention, FlexiLoans said on Monday in a statement. The underwriting for loan requests will be done via FlexiLoans.com’s credit underwriting platform BiFrost which has integrated with Vivriti’s co-lending platform CredAvenue. FlexiLoans said that the partnership has targeted reaching out to over 10,000 MSMEs in the next 12-18 months.
“FlexiLoans has been scaling its co-lending platform since the IL&FS crisis a couple of years ago to service the wide range of ecosystem and digital sourcing partners and boost AUM growth. Vivriti has been our long-standing lending partner and its digital-first approach, deep lending expertise syncs perfectly well with our co-lending ideology of providing quick, hassle-free and adequate financing to the deserving small merchants across India,” said Deepak Jain, Co-Founder, FlexiLoans.com in a statement. The interest charged on loans will be 15 per cent and upwards depending on the risk profile of the borrower.
- MSME Secretary: Udyam portal getting good response with 6 million MSME registrations in 15 months
- Tirupur apparel cluster to observe one-day closure of businesses, hunger strike over yarn price rise
- PM WANI's public Wi-Fi proliferation to help local entrepreneurs like chaiwalas, kiranas earn more: Govt
Launched in 2016, the startup claimed to have disbursed more than Rs 1,000 crores to over 30,000 customers. It receives over 100,000 applications per month largely from Tier II, III, and Tier IV cities in India, and by the end of this year, it aims to hit an annualized disbursal run-rate of over Rs 1,000 crore, the company added.
“With its strong business lending franchisee and comprehensive risk identification vintage, FlexiLoans.com is a great partnership for us in expanding its lending presence across the country… CredAvenue’s co-lending platform has been specifically designed to enable scale-up of such partnerships for Banks, NBFCs and Fintech players vis automated discovery, underwriting, operations and reporting modules on one single portal,” said Gaurav Kumar, Co-Founder, Vivriti Capital and CEO CredAvenue. According to the company, it has enabled disbursements of over Rs 10,00 crores to over 5 lakhs SME clients through more than 25 partnerships so far.