FlexiLoans
“Can an alternative-data NBFC become the default digital credit rail for India's underserved MSMEs?”
Founded2016
HQMumbai, Maharashtra, India
FoundersDeepak Jain, Ritesh Jain, Manish Lunia
Total raised$76.6M+ equity, $240.9M+ debt (as of 2024); Series C extended to ~$77.8M in 2025
Latest roundSeries C extension, June 2025
IndustryFintech / Lending
The story
FlexiLoans, operated by RBI-registered NBFC Epimoney Private Limited, was founded in 2016 to address the funding gap for Indian MSMEs whose loan proposals are rejected by traditional banks due to thin financial history or lack of collateral. The company built an in-house, alternative-data credit underwriting engine and now offers term loans, vendor/supply chain finance, loan against POS (merchant cash advance equivalent), and partner-channel lending across 2,100+ cities. It distributes both directly and via API/partner-portal integrations with ecosystem platforms — positioning itself as one of India's top digital MSME NBFCs.
Product timeline
2016
Founded by Deepak Jain, Ritesh Jain, and Manish Lunia as a digital lending platform for MSMEs in India· pivot
2022
Raised $90M Series B led by MAJ Invest with Fasanara Capital· lending
2024
Raised $34.5M Series C from Maj Invest, Accion, Nuveen, Fundamentum· lending
2025
$44M Series C extension with BII as a new investor; cumulative disbursals cross ₹10,000 crore / $1.1B across 170,000+ loans· lending
Regulated entities
1
regulatory licence held by FlexiLoans
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
2 layers disclosed in FlexiLoans’s embedded-finance stack
Lending
Epimoney Private Limited (in-house NBFC)Term LoanVendor FinancingSupply Chain Finance (Dealer Financing)Loan Against POS (Merchant Cash Advance)Working Capital LoanCollateral-free MSME Business Loans (₹1L – ₹50L)
Open banking
in the full report
Accounting gap: none
1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.