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Digital lending platform Flexiloans has received Rs 100 crore equity from Sanjay Nayar, chief executive at PE firm KKR, along with other veterans of the investment and banking industry such as Vikram Sud, Anil Jaggia, Narayan Seshadri in their personal capacity
The funding will be used for FlexiLoans’ continued expansion and for further investment in its technology and marketing platform built to revolutionise the lending landscape by meeting the short- term working capital needs within 24 hours of an application of the millions of deserving yet underserved SMEs across the nation, the company said in a statement today.
FlexiLoans has already partnered with over 20 national digital marketplaces and organisations like Flipkart,Ola, Shopclues, Jabong among others to provide working capital to over 2 million small businesses in over 18 cities and towns.
As per the terms of the deal, EpiMoney, a non-banking finance company founded by Nayar, Anil, Sud and Sheshadri, will be acquiring stake in FlexiLoans, which will be the product platform.
FlexiLoans is founded by four Indian School of Business alumni -Deepak Jain, a former investment banker at Axis Capital, Manish Lunia, former executive at Aditya Birla Group's M&A unit, and Ritesh Jain, former CFO of Housing .com, and Abhishek Kothari, a data science and analytics professional.
The Fintech company has already partnered with over 20 national digital marketplaces and organisations such as Flipkart, Ola, ShopClues and Jabong serving over 2 million small businesses and has served customers in over 18 cities and towns.
This proprietary credit engine, clubbed with their simple application form and ability to make the loan decision within 24 hours is what distinguishes FlexiLoans from traditional credit scoring methods used by other financial institutions.The platform uses several traditional and non-traditional sources of data to score an applicant, which means that each applicant's score is unique in keeping with the loan amount and profile of the applicant.
"Such a digital platform would fill a much-needed service to underserved SMEs and consumers in India," said Nayar, who manages nearly $5 billion of investments in global buyout giant KKR & Co's India portfolio through various instruments including private equity, structured finance and real estate investments.
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