Two Indian Startups, Flexiloans and Futwork, Raise Funds for Expansion
Two Indian startups, Flexiloans and Futwork, have raised significant funding to grow their digital lending and sales platforms.
Mumbai-based Flexiloans, a digital lending startup, has raised Rs 290 crore (about $35 million) in equity funding. The round was led by Accion, a US-based not-for-profit fund, along with Nuveen, an American asset management firm, and Fundamentum, backed by Nandan Nilekani. Maj Invest, a Denmark-based investor that participated in Flexiloans' previous round, also joined, though other existing investors did not.
“We are a cash-positive business, so the funds will be used to grow our credit business and expand operations,” said Deepak Jain, co-founder of Flexiloans. While the startup did not reveal its post-funding valuation, it is estimated to be valued at around Rs 1,200 crore (approximately $143 million).
Founded in 2016 by Deepak Jain, Ritesh Jain, and Manish Lunia, Flexiloans has built an asset under management (AUM) of Rs 2,000 crore. It has disbursed Rs 3,000 crore in loans, mostly to small and medium enterprises (SMEs), in FY2023-24. Its bad loan rate stands at 3.4% of its AUM, and the company aims to disburse Rs 5,100 crore in loans this year. Flexiloans offers term loans and supply chain financing.
Futwork, a sales outreach platform, has raised Rs 21 crore (about $2.5 million) in a funding round led by the Michael & Susan Dell Foundation and Artha Venture Fund. Other investors, including D2C Insider Angels and Abhishek Goyal (co-founder of Tracxn), also joined the round.
Founded in 2020 by Armaan Vananchal, Niranjan Nakhate, and Sri Ganapathy, Futwork helps businesses scale outbound calling teams without fixed costs. The platform handles tele-calling tasks such as product demos and customer feedback collection for sectors like e-commerce, BFSI, and edtech. The new funds will be used to improve AI-driven customer communication tools across voice, chat, email, and WhatsApp, and to expand into international markets.
Futwork already partners with well-known companies like Purplle, BharatPe, and Flipkart. The startup plans to use AI to enhance call performance and agent training. Their previous business, Studentidentify, was acquired by UK-based student network Unidays.
Sanjay Modi, senior director at the Michael & Susan Dell Foundation, said, “Futwork is creating a new way to build call center jobs. They are helping young job seekers gain tech skills, which strengthens India’s competitive edge.”