FlexiLoans

FlexiLoans

Type	Financial Services
ISIN	🆔
Industry	Financial Technology, Lending
Founded 📆	January 2016
Founder 👔	Deepak Jain, Manish Lunia, Ritesh Jain and Abhishek Kothari
Headquarters 🏙️	India
Area served 🗺️
Members
Number of employees
🌐 Website	https://flexiloans.com/
📇 Address	7th Floor, ONE WORLD CENTER South Annexe, Tower-2, 841, Senapati Bapat Marg, Saidham Nagar, Parel, Mumbai, Maharashtra 400013, India
📞 telephone	+91 79 4806 1722
🥚 Twitter	flexiloansin
📷 Instagram	flexiloans_india
💼 LinkedIN]	flexiloans

FlexiLoans is a versatile financial product designed to provide borrowers with the flexibility they need to manage their finances. Unlike traditional loans, which often come with rigid terms and repayment schedules, FlexiLoans offers customizable options that allow borrowers to access funds as needed and repay them on their own terms. It is often an unsecured loan, meaning it doesn't require collateral.

Overview

FlexiLoans was created to help SMEs access Quick, Flexible, and Adequate Funds for Growing their Business. Institutional channels reject over 80% of loan proposals by SMEs due to insufficient financial history and collaterals. We are on the cusp of a banking transformation in India thanks to the rapid and widespread adoption of digital technology. Data analytics and the increased opportunities to use it have also helped us to serve the untapped and unsatisfied demand better. We want to make social and alternate scoring' for SMEs and individuals a huge opportunity for the economy, which will outweigh the limited insights provided by financial bureaus. Our technology-powered online market is the best way to meet the financial needs of SMEs that do not have a credit history and, therefore, cannot access loans through traditional banking channels.

History

FlexiLoans began operations in January 2016. It was founded by four Indian School of Business graduates: Deepak Jain (founder), Manish Lunia (founder), Ritesh Jain and Abhishek Kothari. FlexiLoans has a proprietary credit engine that allows it to disburse loans within 24 hours. It has partnered with more than 20 digital marketplaces or organizations, including Flipkart and Ola. They provide loans at the best rates with flexible terms and a quick credit assessment. This is beneficial to SMEs.

The founders of FlexiLoans are a distinguished group. Abhishek is a 36-year-old IIT-Bombay alumnus and ISB alumnus with 12 years of experience in developing data-driven strategies for financial institutions. Deepak is a 35-year-old CA with 11 years of experience in investment banking, management consulting, and other top banking deals. He has worked for Axis Capital, JSW, Capital First, HDFC NCD warrants, Manappuram QIP and many others. Manish and Ritesh are the third and fourth partners. They also have the same qualifications as Deepak. The former has 12 years of experience in M&A and NBFCs, wealth management and telecom. Ritesh worked for various startups and was the CFO of Housing.com.

In February 2017, they partnered with major e-commerce players such as Amazon, Flipkart, and Snapdeal. They also launched a new product: loans against POS transactions, which led to a significant increase in volume. They also acquired Creditperiod.com in the same month, which helped launch their supply chain finance vertical. In April 2017, the company began receiving over 2,500 applications per month. This brought their total to more than 8,500 applications processed. They have now processed more than 12,000 applications with an average ticket value of Rs 5 lakh across 90 cities. They chose to acquire customers by using the B2B2B strategy, where they partnered up with corporates or platforms that were affiliated with more than a thousand customers.

Features

• Flexible Borrowing Limit: FlexiLoans provides a pre-approved credit limit from which borrowers can draw funds as needed. This is similar to a line of credit, allowing for multiple withdrawals without the need to reapply each time.

• Customizable Repayment Options: Borrowers can choose from a variety of repayment plans. Options may include making minimum payments, paying interest-only, or paying down the principal more aggressively. This flexibility helps borrowers manage cash flow and adapt to changing financial circumstances.

• No Collateral Required: Often unsecured, FlexiLoans does not typically require collateral, making it accessible to a wider range of borrowers, including those without substantial assets.

• Variable Interest Rates: Interest rates may vary based on the borrower’s creditworthiness and market conditions. Some lenders offer fixed-rate options, while others provide variable rates that can fluctuate over time.

• Access to Funds Anytime: Once approved, borrowers can access funds at any time, providing a convenient solution for urgent or unexpected financial needs.

Funding Rounds

FlexiLoans raised $139M in 7 rounds. FlexiLoans' financial growth has been significant over the years, thanks to various funding rounds. FlexiLoans' most recent debt financing was secured on February 16, 2024, by Vivriti Asset Management. On June 7, 2020, the company raised $28 million in a Series B round, with five investors led by Maj Invest Equity. On the same day, they secured $62 million more in debt financing. On October 28, 2020, FlexiLoans secured two notable financings. A round of funding was undisclosed, and an Rs1.5 billion venture led by the Falguni & Sanjay Nayar Family Office. On December 8, 2017, the company received $7 million from financial institutions. The funding process began on October 7, 2016, with a venture round of $15 million involving four investors. FlexiLoans acquired Credit Period in May 2017.

FlexiLoans has shown significant financial accomplishments. The company's financial performance is strong as it has achieved revenue of Rs 100 crore and became profitable in FY23. FlexiLoans also expects to disburse Rs 1,500 crore in loans with more than 10 lakh applications over the festive season. This indicates a high demand for its lending services. Multiple sources have reported that the company's rapid expansion in the highly competitive MSME loan market is another indication of its growth.

Vision

The vision behind FlexiLoans is to empower individuals with the financial flexibility and control they need to navigate their financial journeys. By offering a product that adapts to the unique circumstances of each borrower, FlexiLoans aims to provide a more inclusive and responsive financial service.

FlexiLoans vision is to provide “Financial Access at a Click”. Consumers & small business owners can borrow through FlexiLoans to get loans customised to their needs at a fast pace & at transparent finance charges. They utilise their technology to provide a better experience, offering borrowers a convenient, simple & fast online application that improves the often time-consuming & frustrating loan application process. With proprietary technology built to remove the friction points in operations, including the borrower application process, data gathering, credit decisioning & scoring, loan funding, customer servicing, regulatory compliance & fraud detection.

Awards and Recognition

• Great Place recognizes FlexiLoans.com to Work for the Fourth Time in a Row.
• Digital Lending NBFC for the Year 2019.
• The Best Companies for Millennials Awards 2019.
• India Gold Winner at SuperStart Ups Asia 2019.

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