Digital lending platform FlexiLoans has raised Rs 290 crore in Sequence C funding from world and home buyers, together with Nandan Nilekani co-founded Fundamentum, Accion, a US-based non-profit organisation, Nuveen, and present investor Maj Make investments.
FlexiLoans, which lends to small companies by means of a money flow-based lending mannequin, will use the recent capital to develop its operations, improve its product choices, and strengthen its technological infrastructure, the corporate mentioned in a launch.
The recent capital will assist the corporate develop its belongings underneath administration (AUM) from Rs 2,000 crore at the moment to Rs 3,500 crore. So far, FlexiLoans has disbursed over Rs 7,000 crore in loans throughout greater than 2,100 cities and cities.
“Whereas as an NBFC we’ll hold elevating funds as and when required, this capital needs to be ok for us to develop to Rs 3,500 crore in AUM,” mentioned Deepak Jain, co-founder, FlexiLoans.
The agency is concentrating on to disburse round Rs 5,000 crore in loans in FY25.
Within the subsequent 3-4 years, the corporate would possibly look to go public, Jain mentioned. “We wish to do it on the proper time once we hit the appropriate measurement and scale,” he mentioned, including that the corporate has been worthwhile for the final three years and is concentrating on double-digit revenue within the present monetary yr and triple-digit income within the subsequent monetary yr.
“Our credit score price is round 3.3 per cent as of the June quarter. We’ve at all times remained sub-5 per cent so far as credit score prices are involved,” he mentioned.
Unitus Capital acted because the unique advisor to the transaction.
Earlier than this spherical, the corporate raised capital from Sanjay and Falguni Nayar, Maj Make investments, Fasanara Capital, together with different outstanding household places of work.
First Printed: Sep 11 2024 | 12:14 AM IST
