FlexiLoans.com, an MSME-focused fintech non banking financial company (NBFC), announced that its assets under management (AUM) have crossed Rs 1000 crore. The company claims that it has disbursed over 70,000 loans worth more than Rs 3,400 crore across over 2,000 cities through 100 per cent digital originations and zero branches as of March 2023.
FlexiLoans.com is also projecting to achieve full-year profitability on the back of solid fundamentals. It aims to reach Rs 10,000 crores in AUM by 2025.
It grew at a rate of 3x year-on-year growth rate in AUM in the fiscal year 2023 (FY23). The NBFC is currently disbursing loans at an annualised disbursement run rate of 3,000 crores and aims to double this run rate in the next 12 months. The digital growth was reportedly inclusive with 53 per cent of its loans to first-time business loan borrowers and 69 per cent are in Tier II/III towns.
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"We are thrilled to have achieved this significant milestone, and it is a testament to our commitment to supporting MSMEs in India. At FlexiLoans.com, we are committed to using technology to make finance more accessible, affordable and transparent for MSMEs. Our focus on innovation, customer-centricity and collaboration with our lending partners has helped us achieve this milestone and we are confident of reaching even greater heights in the future and supporting MSMEs as India goes on to realise its ambition of becoming a US$5 trillion economy by 2025, said Ritesh Jain, co-founder of Flexiloans.com.
FlexiLoans.com raised $90 million (Around 700 crores) in Series B funding in 2022 from global marquee global investors like Denmark-based PE firm MAJ Invest and UK-based fintech investor Fasanara Capital. The other investors in the round included Caravel Group (Harry Banga Family office), Yogesh Mahansaria and existing shareholders including Sanjay and Falguni Nayar.
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