Of the overall funding, $28m is in equity, which was led by Denmark-based MAJ Invest.
British investment firm Fasanara Capital, the family offices of Harry Banga and Alliance Tire Group founder Yogesh Mahansaria along with several existing shareholders such as Sanjay Nayar also joined the round.
The funding marks Fasanara’s entry into the Indian technology space.
FlexiLoans will use the proceeds for technological development and to double its loan book through co-lending, buy-now-pay-later and supply chain finance platforms.
The proceeds will also be used to strengthen aspects of customer automation, risk management and analytics capabilities.
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FlexiLoans co-founder Deepak Jain said: “We are very excited to have institutional players MAJ Invest, Fasanara Capital and the Banga and Mahansaria family offices join us in our mission to help small businesses grow in India.
“Their experience in developing global fintech companies will help us in creating better products as well as organisational building.”
Currently, the firm, which claims to have disbursed around INR17bn ($218m) in loans, operates a platform for pricing and lending
Fasanara Capital CEO Francesco Filia said: “India is a strong market for MSME financing and we are delighted to partner with FlexiLoans.com, which is amongst the pioneers in the digital MSME lending space in India and shares a similar commitment to Fasanara’s to reduce the financing gap for MSMEs.
“Embedded financing to merchants in the e-commerce ecosystem is a sweet spot that we invest in across the world and FlexiLoans.com.com has a strong product-led partnership in India for the same.”