India-based digital SME lender FlexiLoans has raked in INR1.5bn ($20.1m) debt and equity funding round to enhance its lending business.

The Falguni and Sanjay Nayar family office – the personal investment arm of KKR India head Sanjay Nayar and Nykaa founder and CEO Falguni Nayar – were the lead investors.

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Sources suggest that HDFC Bank former CIO Anil Jaggia, and Citibank former head of operations and technology Vikram Sud also participated in the round.

The latest infusion brings the total amount raised by the fintech firm to date to nearly $68m.

FlexiLoans will use the proceeds to boost its SME lending capabilities and launch new products.

The company will also use the capital to ramp up its supply chain and co-lending verticals.

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Founded in 2016 by four Indian School of Business (ISB) alums, FlexiLoans claims to have disbursed over 30,000 unsecured loans worth over INR8bn across more than 1,400 cities.

The fintech firm has over 100 partnerships with e-commerce ecosystems, payment gateways and supply chain ecosystems in India.

FlexiLoans co-founder Deepak Jain said: “With this strong commitment by existing investors and industry veterans, FlexiLoans is now poised to enter the next phase of its growth journey that we have clearly crafted on the lines of Profitability, Growth and Risk Control.

“We chose to accept this bid over other term sheets we had from a few institutional investors, given the long-term nature of this capital.”

FlexiLoans offers term loans, loans against point of sale, line of credit, vendor financing to small, medium and micro-enterprises.

It also provides banking, insurance, and legal consultation services.