Digital lending platform FlexiLoans has raised Rs 290 crore in Series C funding from global and domestic investors including Fundamentum co-founder Nandan Nilekani, US-based non-profit Accion, Nuveen and existing investor Maj Invest.
FlexiLoans, which provides loans to small businesses through a cash-flow-based lending model, will use the fresh capital to expand its operations, enhance its product offering and strengthen its technology infrastructure, the company said in a statement.
The fresh capital will help the company increase its assets under management (AUM) from Rs 2,000 crore at present to Rs 3,500 crore. To date, FlexiLoans has disbursed over Rs 7,000 crore in loans across over 2,100 towns and cities.
“While as an NBFC we will continue to raise funds as and when required, this capital should be good enough for us to grow to Rs 3,500 crore in AUM,” said Deepak Jain, co-founder, FlexiLoans.
The company aims to disburse around Rs 5,000 crore in loans in FY25.
In the next 3-4 years, the company may try to go public, Jain said. “We want to do it at the right time, when we get the right size and scale,” he said, adding that the company has been profitable for the last three years and is targeting double-digit profits in the current financial year and triple-digit profits in the next financial year.
“Our credit cost is around 3.3 percent in the June quarter. We have always remained below 5 percent as far as credit costs are concerned,” he said.
Unitus Capital acted as exclusive advisor on the transaction.
Prior to this round, the company raised capital from Sanjay and Falguni Nayar, Maj Invest, Fasanara Capital, along with other leading family offices.
First published: September 11, 2024 | 00:14 IS
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