Chennai: Digital lending platform FelxiLoans.com has acquired Mumbai-based supply chain financing platform, CreditPeriod.com for an undisclosed sum to strengthen its supply chain financing vertical.

CreditPeriod.com enables SME buyers to procure goods / services on credit while ensuring the sellers get their money upfront, thereby eliminating credit risk and enabling instant liquidity.

“The CreditPeriod.com acquisition strengthens our position to serve the deeply underserved supply chain market for the SME eco-system,” said Deepak Jain, Co-Founder at FlexiLoans.com. As a part of the deal, Venkatesh Viswanathan, Co-Founder at CreditPeriod and former financial forensics professional, will be joining the FlexiLoans.com team and drive the supply chain finance initiatives.

FlexiLoans.com was started by Deepak Jain, Ritesh Jain, Manish Lunia and Abhishek Kothari in 2015. The startup raised Rs 100 crore of seed funding from a group of marquee investors including Sanjay Nayar, CEO of KKR India, Anil Jaggia, former CIO of HDFC and Vikram Sud, former head of operations and technology at Citibank.

FlexiLoans.com caters to the working capital needs of unserved and underserved small and medium businesses across the country. The startup has disbursed loans in over 70 cities and has partnerships with over 50+ leading supply chain corporates and e-Commerce players. The startup processed over 200 plus applications per month. The company plans to disburse Rs 300-500 crores worth loans in the next 12-18 months and tap 200 cities.

“We were exploring supply chain finance and CreditPeriod.com came as a good fit. We can now underwrite loans using ERP integrations with SMEs. This acquisition gives us the technology to tap into this space,” said Manish Lunia, Co-Founder, FlexiLoans.com

Source: Times of India