FlexiLoans.com, an online lending platform that provides working capital loans to small and medium enterprises (SMEs), has raised $90 million from private equity (PE) firms and family offices as part of its Series B funding round the company said in a statement on June 7.

Denmark-based private equity firm MAJ Invest, UK-based fintech investors Fasanara Capital, the family offices of Harry Banga and Yogesh Mahansaria, and some existing shareholders, including Sanjay Nayar, participated in the round, the company said. FlexiLoans.com claims the investment marks Fasanara Capital’s first SME fintech investment in India.

According to FlexiLoans.com, this round of investment provides a strong impetus for its growth as the government is promoting fintech, especially for the MSME (Micro, Small, Medium Enterprise) sector.

The company said it would use the funds for technology development and double its MSME book through its syndicated loan, BNPL (buy now, pay later) and supply chain finance platform. FlexiLoans.com will invest in technology to enhance customer automation, risk management and analytics. FlexiLoans.com currently has a lending and pricing platform.

The company said it provides “loans at a click” to small businesses and claims to have disbursed over Rs 1700 crore to MSMEs in 1,600 cities through digital channels, totalling through digital organisations, as it has zero branches.

The company claims to pay more than Rs 100 crore per month and plans to double that run rate next year, with its syndicated lending platform contributing a significant portion of the growth. FlexiLoans.com.com claims it digitally attracts over 100,000 applications per month and says it has a strong presence in India’s Tier 2 and Tier 3 towns.

FlexiLoans.com said it had raised $20 million in seed and Series A rounds led by Mr Sanjay Nayar. FlexiLoans.com says it has partnerships with more than 120 ecosystem companies to provide financing to sellers and vendors associated with the platform. According to FlexiLoans.com.com, these companies include e-commerce companies such as Amazon, Flipkart, Nykaa, Myntra and others.

FlexiLoans.com said it had built a syndicated lending platform called Bi-frost that provides end-to-end digital sourcing, underwriting and servicing technology. The company said the platform contributed 70% to FlexiLoans.com’s growth over the past year.

The company claims that FlexiLoans.com’s supply chain solutions also grew fivefold in the 2021-22 financial year (FY22). Asia Link Advisors and Axis Capital are the advisors for this fundraiser.