Separator

MSME lender Flexiloans grabs Rs. 60 crore from Vivriti Asset Management

Separator
FlexiLoans, the MSMEs-focused fintech lender raised Rs. 60 crore via non-convertible debt from Vivriti Asset Management. The fresh funds come after a gap of around 20 months for the Mumbai-based company.

According to the company’s regulatory filings with the Registrar of Companies, the board of member in FlexiLoans has passed a special resolution to issue 6,000 non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 per debenture for a consideration of Rs. 60 crore in one or more tranches.

The company has already received Rs. 30 crore as part of the first tranche from Vivitri Emerging Corporate Bond Fund (Vivriti Asset Management). The debt comes with a rate of interest of 12.9% per annum with tenure of 31 months. The company is willing to utilize the funds for the ongoing business operations.

FlexiLoans, was funded by Deepak Jain, Manish Lunia, Ritesh Jain and Abhishek Kothari, which offers MSMEs access to collateral-free funds through its digital lending platform. The company uses proprietary technology and risk models to score customers and approve loans within 48 hours. FlexiLoans has more than 120 partners including companies like Amazon, Flipkart, BharatPe, Pine Labs, and Mswipe.

The Fintech platform has raised over $115 million to date via equity and debt. During, June 2022, it raised $90 million in its Series B round through an equity and debt mix from Fasanara Capital, MAJ Invest, and Caravel Group chairman Harry Banga’s family office along with existing shareholders including Sanjay Nayar.
FlexiLoans’ profit revenue which comes from operations jumped 110.7% to Rs. 108.5 crore during FY23 from Rs. 51.5 crore in FY22. The company also generates revenue from interest on loans, loan processing fees and other financial charges.

Startup intelligence platform TheKredible reveals the company also turned profitable with Rs. 6.66 crore profit in FY23 against Rs. 10.8 crore loss in FY22.