FlexiLoans, a fintech startup focused on providing flexible loans to small and medium enterprises (SMEs), has raised INR 75 crore (approximately $9 million) via non-convertible debentures (NCDs) from JM Financial. This funding marks the second debt round for the Mumbai-based company this year.
According to internal documents, FlexiLoans’ board approved the issuance of 7,500 NCDs to raise the capital. The debentures carry a coupon rate of 12.05 percent per annum and have a 24-month tenure. The company plans to use the funds to support its ongoing business operations.
This latest debt infusion comes as FlexiLoans is also set to secure $35 million from late-stage fund Fundamentum, co-founded by Infosys veteran Nandan Nilekani.
Founded in 2016 by Deepak Jain, Manish Lunia, Ritesh Jain, and Abhishek Kothari, FlexiLoans has raised over $124 million in a combination of equity and debt financing to date, including a $90 million Series B round in June 2022 from Fasanara Capital, MAJ Invest, and Caravel Group, among others.
Company Performance
FlexiLoans has shown rapid growth, disbursing over INR 7,000 crore in loans. The company partners with more than 400 entities and lends through its NBFC, Epimoney. The firm provides loans ranging from INR 50,000 to INR 1 crore, with a maximum tenure of 36 months. In the fiscal year ending March 2024, FlexiLoans’ operating revenue surged to INR 262 crore, a 2.4x increase from INR 109 crore in FY23, while maintaining profitability with a PAT of INR 3 crore.
This funding round highlights the thriving fintech ecosystem in India. Other recent developments include Fibe’s $90 million Series E funding and Slice’s $20 million debt financing. FlexiLoans competes with several fintech companies, including Lendingkart, Indifi, Incred, Oxyzo, and Aye Finance.
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