08 December 2017, India :
Mumbai-based lending platform FlexiLoans has raised an institutional debt funding of about ₹45 crore ($7 million) from Financial Institution(s). The company will used the money raised to fund the data-driven micro and small loans to SMEs across India.
Ritesh Jain, co-founder of FlexiLoans said, “We will utilize these funds to expand our instant Proprietor Loans and Supply Chain Financing product suite. These funds that were raised in extremely competitive terms from leading financial institution(s) is symbolic of the growth trajectory and quality that we have.”
The company intends to expand the reach to provide working capital loans to proprietors in 500 cities from the existing 175+ cities and 26 states that it currently provides its services.
FlexiLoans had raised ₹100 crore ($15 million) in funding last year (October 2016) from veteran investors including Sanjay Nayar, Vikram Sud, Anil Jaggia and Narayan Seshadri.
The lending firm also acquired CreditPeriod. CreditPeriod was a Mumbai-based supply chain finance platform.
FlexiLoans was founded by Deepak Jain, Abhishek Kothari, Ritesh Jain and Manish Lunia in 2016. It is an online lending platform to meet the financial requirements of SMEs that are unable to avail loans from banks due to lack of any credit history.
The company’s aim is to provide “Financial Access at a Click”. Consumers and small business owners can borrow through FlexiLoans to get loans customised to their needs at a fast pace and at transparent finance charges.
(Image – FlexiLoans)