Ritesh Jain, according to his LinkedIn profile, is a marathon runner and has been a co-founder for nearly seven years.
Flexiloan.com, a digital lender, announced on Tuesday that it has crossed the milestone of managing assets worth Rs 1000 crore and has disbursed loans worth Rs 3400 crore as of March 2023. These loans were given to more than 70,000 individuals across 2000 cities, and the company operates fully digitally without any physical branches. Its next aim is to achieve consistent profitability, and it plans to disburse loans worth Rs 10000 crore by 2025. According to reports, the company has grown at an impressive rate of 300 percent year-on-year.
Their target is to increase the pace of loan disbursement by two times in the upcoming year. As per reports, 53 percent of the loans are granted to those who are applying for business loans for the first time, and 69 percent of the total lending takes place in tier 2 and tier 3 cities. The company was established by Deepak Jain, Manish Lunia, Ritesh Jain, and Abhishek Kothari, who are all MBAs from the Indian School of Business (ISB). Let’s know more about Ritesh Jain, one of the co-founders.
As per his LinkedIn profile, he is a marathon runner. He has been one of the co-founders for almost seven years. Prior to this, he was Vice President of Finance at Housing.com. He has also worked for over five years at Tata Teleservices Limited. He completed his Post-Graduate Programme in Management, majoring in Analytical Finance and Strategic Marketing, from the Indian School of Business.
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After completing their studies at ISB, Ritesh moved to Delhi, Manish and Deepak went to Mumbai, and Abhishek moved to London. During an Uber ride, Ritesh got the idea to start the business. He observed that his Uber driver was unable to take him to his destination as his phone was not working. The driver was losing out on a significant business opportunity simply because he couldn’t afford to replace his phone, which cost under Rs 1000. Ritesh realized that the lower middle class lacked access to working capital.
Deepak, whose family runs a Jewelry business, realized that small business owners often resort to pawning their ornaments to raise funds. He, along with his friends, decided to address the issue of working capital for those who don’t have access to traditional banks and financial institutions.
They started the business to cater to small and medium-sized enterprises (MSMEs), which are the foundation of the Indian economy.
The company has formed partnerships with digital marketplaces and companies such as Flipkart, Ola, etc. They offer fast and relatively simple loan disbursal, helping MSMEs address their capital requirements promptly.
Jain brings more than 14 years of experience to the table, and he is also a certified chartered accountant. He has previously worked with Citibank and Starwood Hotels.