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FlexiLoans aims to disburse 10,000 loans in all by March 2019

Loans

FlexiLoans is a fintech company which disburses collateral free working capital loans to Small and Medium Enterprises (SMEs). Founded by Manish Lunia, Ritesh Jain, Deepak Jain and Abhishek Kothari, the four alumni of Indian School of Business (ISB) in 2016, FlexiLoans has already lent over 2500 loans with an average ticket size between Rs5-10 lakhs and aims to disburse 10,000 loans by next March 2019. FlexiLoans fills the gap in funding where banks shy away, to extend small-ticket loans to small traders and businesses without any collateral. The seed funding of Rs100 crores was raised from angel investors including Sanjay Nayyar, Anil Jaggia, and Vikram Sud. Another Rs45 crore was funded by debt.

 

According to one of the co-founders of FlexiLoans, the market for SME loans has grown by ten times in past three years which is expected to continue for next five years serving the unserved market at a CAGR of 50%.  The company extends loans to retailers, traders and distributors on the basis of POS transactions and other details of the applicants.

 

Other startups in this sphere include LendingKart, Aye Finance, and Capital Float. LendingKart raised USD 87.8 million, Aye Finance USD 3.87 million and Capital Float, USD 45 million from financiers like Hinduja Leyland, Saama Capital, Fullerton Financial etc.

(Source: Moneycontrol.com)


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