The MSME-focused fintech lending NBFC which provides loans at a click to unbanked and underserved micro, small and medium enterprises doubled its AUM in a year and turned profitable in FY23 while keeping NPAs at sub-2 percent levels
Getting big cheques from investors is still hard—but it was harder last year. In June 2022 FlexiLoans beat the ‘winter’ season to raise $90 million (around Rs 700 crore) in Series B funding. Global marquee investors like Denmark’s MAJ Invest and UK-based fintech investor Fasanara Capital, as well as existing investors including Sanjay and Falguni Nayar’s family office and Alliance Tire group founder Yogesh Mahansaria participated in the round.
Of the total, $28 million was raised via equity and the balance through debt. “We actually said no to more money,” says Deepak Jain, a former banker at Axis Bank, with a light chuckle. Dressed in denim trousers and a shirt, he’s seated at the Mumbai headquarters of the MSME-focused digital lender that he co-founded in 2016. “Investors were chasing us—we could have raised more money, but we turned them down because we had got what we needed for the following 12-18 months per our plans,” says Jain, 41.