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MSME financing platform FlexiLoans has raised Rs 290 crore in a Series C round.

“Majority of the current funds we are raising will go towards helping us scale our operations. We will use it for further leverage on balance sheet and off-balance sheet (items),” Deepak Jain, Co-founder of FlexiLoans, told YourStory in an interview.

The round saw investments from Global nonprofit for financial inclusion Accion, Nandan Neelakani-led Fundamentum, Asset management platform Nuveen. Private equity and venture capital investor Maj Invest also invested in the round.

“It’s a very strong statement from the investors backing us, given the current state of markets,” Jain said. “We are raising almost 1x of our current net worth.”

Founded in 2016 by Deepak Jain, Ritesh Jain, and Manish Lunia, FlexiLoans lends to Small and Medium Enterprises like small traders, wholesalers, and retailers who have a monthly turnover ranging from Rs 2 lakh rupees to Rs 20 lakh rupees.

The average ticket size of loans is around Rs 6 lakh. It has two primary financial, with monthly installments with payback timelines ranging from 12 months to 36 months. It also offers invoice financing products with repayments ranging from 30 to 90 days.