The digital lending sector has been facing massive stress because of the coronavirus pandemic, now as collections are about to restart, startups are trying to double down on collecting from borrowers and at the same time source new customers
Mumbai-based digital lending startup Flexiloans has raised Rs 150 crore through a mix of equity and debt, the company said in a press note today.
The equity infusion was done by Falguni and Sanjay Nayyar Family Office.
The company did not give details on the equity and debt share. With this current round, the total amount of money raised by Flexiloans since its inception in 2016 has reached Rs 500 crore, in a mix of equity and debt.
The funds will help the firm scale up its microbusiness lending portfolio. Flexiloans is looking to forge partnerships with more players to source customers and also launch differentiated lending products. It is trying to double down on the supply chain and co-lending verticals.“With this strong commitment from existing investors and industry veterans, we are now poised to enter the next phase of growth journey…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,” said Deepak Jain, Co-Founder of FlexiLoans.