FlexiLoans, which provides MSMEs in India with quick access to financing, has reportedly raised 150 crore ($20.1m) in a funding round comprised of both debt and equity.
The investment was entirely supplied by the Falguni and Sanjay Nayar Family Office, according to a report from Business Insider India.
Plans for this fresh capital are to scale up the company’s SME lending efforts and expand its supply chain and co-lending products.
The Indian FinTech startup provides businesses with a quick way to access a variety of loan options, including term loan, loan against POS, vendor financing and more.
FlexiLoans.com co-founder Deepak Jain told Business Insider, “FlexiLoans.com is now poised to enter the next phase of its growth journey that we have clearly crafted on the lines of probability, growth and risk control. We chose to accept this bid over other term sheets we had from a few institutional investors, given the long term nature of this capital.”
Earlier in the week, fellow India-based FinTech startup GetVantage closed its seed round on $5m. The company reportedly raised the funds from Chiratae Ventures, Dream Incubators and other investors, to support its expansion across Southeast Asia.
Copyright © 2020 FinTech Global