👍Digital MSME lender FlexiLoans’ AUM triples in FY23 from previous year | The Financial Express

Clipped from: https://www.financialexpress.com/industry/sme/msme-fin-digital-msme-lender-flexiloans-aum-triples-in-fy23-from-previous-year/3040950/

Credit and finance for MSMEs: FlexiLoans said it has access to over 10 million MSMEs in India through its partners including e-commerce companies such as Amazon, Flipkart, Nykaa and prominent food-tech, pharm-tech, and MSME SaaS platforms.

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Credit and finance for MSMEs: Digital MSME lender FlexiLoans on Monday said its assets under management (AUM) tripled in the financial year 2022-23 to over Rs 1,000 crore from the previous fiscal with loan disbursements growing to more than 70,000 amounting to Rs 3,400 crore. The non-banking financial company (NBFC) said it is targetting Rs 10,000 crores in AUM by 2025 and is currently disbursing loans at an annualized disbursement run rate of 3,000 crores, aiming to double it in the next 12 months.

Among loans disbursed, 53 per cent were to first-time business borrowers while 25 per cent were to women entrepreneurs. Geographically, 69 per cent of the loans were in Tier-II/III towns, according to the company.

Also read: Rs 15.6 lakh crore deployed to micro, small enterprises in February under priority sector lending: RBI data

Ritesh Jain, Co-Founder Flexiloans.com said, “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.”  

FlexiLoans’ said it has access to over 10 million MSMEs in India through its partners including e-commerce companies such as AmazonFlipkart, Nykaa and prominent food-tech, pharm-tech, and MSME SaaS platforms.  

It raised $90 million 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. Other investors in the round included Caravel Group (Harry Banga Family office), angel investor Yogesh Mahansaria and existing shareholders including Sanjay and Falguni Nayar. 

Also read: Frenzy in India’s digital lending market sees over 200% growth in Q2 credit disbursement: Report

With growing digital adoption, fintech lenders continue to enhance their credit penetration with growth in disbursement. According to a report by credit bureau Equifax Credit Information Services and industry body for fintech lenders Fintech Association for Consumer Empowerment (FACE) in February this year, digital lenders disbursed 2.74 crore loans (including personal loans) through their balance sheet in the first half (April-September) of FY23. The loans disbursed grew 153 per cent over the previous year in volume and 62 per cent in value. 

As of February, credit deployed by banks to MSMEs under priority sector lending was Rs 19.52 lakh crore – 14.5 per cent of Rs 134.15 lakh crore non-food bank credit deployed across sectors – with 12.9 per cent growth from Rs 17.28 lakh crore deployed in February 2022, as per the Reserve Bank of India’s latest data on sectoral deployment. 

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