FlexiLoans partners with Vivriti Capital to disburse Rs 300 crore loans to MSMEs

Launched in 2016, FlexiLoans claimed to have disbursed greater than Rs 1,000 crores to over 30,000 prospects.

Fintech startup FlexiLoans has partnered with Vivriti Capital to disburse working capital loans of greater than Rs 300 crores to micro, small, and medium enterprises (MSMEs). Companies will be capable to apply for these loans on-line and obtain in-principal approval inside 24- 48 hours digitally with none guide intervention, FlexiLoans mentioned on Monday in an announcement. The underwriting for mortgage requests will likely be executed by way of FlexiLoans.com’s credit score underwriting platform BiFrost which has built-in with Vivriti’s co-lending platform CredAvenue. FlexiLoans mentioned that the partnership has focused reaching out to over 10,000 MSMEs within the subsequent 12-18 months.

“FlexiLoans has been scaling its co-lending platform for the reason that IL&FS disaster a few years in the past to service the wide selection of ecosystem and digital sourcing companions and enhance AUM development. Vivriti has been our long-standing lending associate and its digital-first strategy, deep lending experience syncs completely effectively with our co-lending ideology of offering fast, hassle-free and ample financing to the deserving small retailers throughout India,” mentioned Deepak Jain, Co-Founder, FlexiLoans.com in an announcement. The curiosity charged on loans will likely be 15 per cent and upwards relying on the danger profile of the borrower.

Launched in 2016, the startup claimed to have disbursed greater than Rs 1,000 crores to over 30,000 prospects. It receives over 100,000 functions monthly largely from Tier II, III, and Tier IV cities in India, and by the top of this yr, it goals to hit an annualized disbursal run-rate of over Rs 1,000 crore, the corporate added.

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“With its robust enterprise lending franchisee and complete danger identification classic, FlexiLoans.com is a good partnership for us in increasing its lending presence throughout the nation… CredAvenue’s co-lending platform has been particularly designed to allow scale-up of such partnerships for Banks, NBFCs and Fintech gamers vis automated discovery, underwriting, operations and reporting modules on one single portal,” mentioned Gaurav Kumar, Co-Founder, Vivriti Capital and CEO CredAvenue. In response to the corporate, it has enabled disbursements of over Rs 10,00 crores to over 5 lakhs SME purchasers via greater than 25 partnerships up to now.