Mumbai-based digital SME lending platform FlexiLoans has raised an institutional debt funding of about US$7m (INR45 Cr) from Financial Institution(s). The funding will be used to expand its proprietary loans and supply chain financing segment.
Founded by four ISB classmates Deepak Jain, Abhishek Kothari, Ritesh Jain and Manish Lunia in 2016, FlexiLoans is an online lending platform to meet the financial requirements of SMEs that are unable to avail loans from banks due to the lack of any credit history.
The startup had raised US$15m in funding last year from marquee investors including Sanjay Nayar, CEO of KKR India, Anil Jaggia, Vikram Sud, and Narayan Seshadri. Earlier this year, the lending platform had also acquired Mumbai-based supply chain finance startup, CreditPeriod for an undisclosed amount.