Latest news with #DeepakJain
Entrepreneur
11-06-2025
- Business
- Entrepreneur
FlexiLoans Raises INR 375 Crore in Series C Round to Boost MSME Lending
he round was led by existing investors including Fundamentum, Accion Digital Transformation Fund, Nuveen, and Maj Invest, while British International Investment (BII), the UK's development finance institution, joined as a new backer You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Digital lending platform FlexiLoans has raised INR 375 crore in fresh equity funding as part of its Series C round, according to a press release issued by the company. The latest tranche adds to the INR 290 crore raised in September 2024, taking the total capital infusion to INR 665 crore over the last six months. The round was led by existing investors including Fundamentum, Accion Digital Transformation Fund, Nuveen, and Maj Invest, while British International Investment (BII), the UK's development finance institution, joined as a new backer. The investment mix includes both primary capital to drive operational expansion and secondary transactions that provided liquidity to early investors. Founded in 2016 by Deepak Jain, Ritesh Jain, and Manish Lunia, FlexiLoans operates as a digital-first NBFC focused on serving India's underserved MSME sector. The firm said the fresh funds will be used to scale operations, broaden its suite of credit products, and strengthen its technology platform aimed at small businesses, particularly in non-metro areas. Less than 10 per cent of the estimated 60 million MSMEs have access to formal credit. FlexiLoans targets this credit gap, with 66 per cent of its loan book spread across Tier II and Tier III cities. "We are pleased to have secured an additional INR 375 crores from our existing investors and are proud to welcome BII to our cap table," said Deepak Jain, co-founder of FlexiLoans. "This round not only enabled us to return capital to our early investors, but also gives us the firepower to double down on our mission—empowering underserved MSMEs across India with fast, accessible financing to grow, scale, and thrive." FlexiLoans operates without physical branches, using a fully digital infrastructure to approve and disburse loans—often within 48 hours—by leveraging alternative data and digital partnerships. The firm has disbursed over INR 10,000 crore across more than 2,100 towns and cities. Its current assets under management (AUM) stands at INR 2,300 crore, with a compound annual growth rate (CAGR) of 83 per cent from FY22 to FY25. Srini Nagarajan, managing director and head of Asia at BII, said: "We are delighted to support FlexiLoans in their mission to empower MSMEs across India with its innovative digital-only model. Financial inclusion is a key part of our strategy, and this investment underscores our commitment to supporting underserved businesses and entrepreneurs." Unitus Capital acted as the exclusive advisor to the transaction.
Hans India
06-06-2025
- Hans India
Cyber-fraud gang busted by Delhi Police; two arrested, Armyman among victims
New Delhi : The Delhi Police has busted a cyber-fraud racket and arrested two men, including the mastermind, for allegedly duping an Indian Army soldier of more than Rs 82,000 near the New Delhi Railway Station, an official said on Thursday. Accused Sahil Verma (24) and Deepak Jain alias Naveen (33) used fake firms and multiple bank accounts to carry out cyber frauds and cheat unsuspecting victims, he added. 'The case came to light on May 18 when a complaint was received at the Daryaganj Police Station. The complainant, Abhishek, serving as an Agniveer in the Army and posted in Udhampur, reported that he was defrauded of Rs 82,496 near Metro Gate No. 4 at the New Delhi Railway Station,' Deputy Commissioner of Police (Central) Nidhin Valsan said. The accused allegedly told the victim that he was in desperate need of money and lured the latter under false pretenses. After deceitfully gaining access to the victim's mobile phone, the fraudster fled and used a UPI platform to transfer the funds, the officer said. A case under the relevant sections of the Bharatiya Nyaya Sanhita (BNS) was registered and investigation launched. Police said the probe involved the analysis of the footage collected from more than 50 CCTV cameras from the surrounding areas and extensive digital surveillance. The investigation revealed that fraudsters used fake firms, such as RS Trading Company and Shri Sham Garments, to route money through current accounts in various banks. On May 28, based on technical surveillance, Verma was arrested from a location near the Ajmal Khan Park in Karol Bagh. 'He confessed to his involvement and operating fraudulent bank accounts. Based on his disclosure, his associate, Deepak Jain, was arrested the following day from Rajasthan's Chittorgarh,' the DCP said. Police have also seized five mobile phones used in the commission of the fraud and several bank passbooks. Efforts are underway to apprehend the other associates of the accused, identified as Akash Tomar and Mohit Sharma, and recover the remaining cheated amount. Further investigation is in progress to determine the full extent of the fraud, according to the police.
Hindustan Times
02-06-2025
- Hindustan Times
Two Haryana men get 2 years for impersonating Singapore immigration, duping Indians
A special judicial magistrate CBI court in Panchkula has sentenced two Haryana residents, Aditya Bhardwaj alias Bhanu from Kurukshetra and Deepak Jain alias DC of Gurugram, to two and a half years of imprisonment. They were found guilty in a sophisticated fraud case registered by the Delhi CBI on September 27, 2016. The charges included cheating, forgery, criminal conspiracy, and violations under the IT Act. The verdict followed a complaint filed by Mohammad Afsar Alam, then an inspector with the CBI in New Delhi. The court convicted Aditya Bhardwaj under Sections 120B, 419, 420, and 468 of the IPC, while Deepak Jain was found guilty under Section 120-B, 420, 468 of IPC, and 66-D of the IT Act. Both were also levied fines of ₹5,000 and ₹20,000 respectively. According to the prosecution, the accused orchestrated a scheme to defraud Indian nationals residing or working in Singapore. They used spoofed calls, impersonating Singapore immigration authorities, to falsely accuse victims of providing incorrect information on airport disembarkation forms. Threatening criminal cases and deportation, they coerced victims into paying 'settlement fees' or 'fines' via Western Union money transfers, even demanding confidential money transfer control numbers (MTCNs) to facilitate illicit withdrawals. A preliminary inquiry identified five fraudulent transactions where money from three Singapore-based victims was withdrawn in Kurukshetra, often using misused or forged IDs. Investigations revealed these transactions, and others, were processed through sub-agents of Reliance Money Express Limited. Aditya Bhardwaj's firm, M/s Guru Kripa Tours and Travels, was implicated, with Bhardwaj and absconding accomplice Harnek Singh conspiring to misuse IDs and forge documents to withdraw funds from Western Union outlets. During interrogation, Bhardwaj disclosed he received defrauded money via Reliance Money Express credits into his firm's HDFC bank account, withdrew it through ATMs, kept his share, and forwarded the rest to Deepak Jain, against whom a supplementary charge-sheet was filed.
NDTV
19-05-2025
- Automotive
- NDTV
Lumax Auto Tech To Secure Remaining IAC India Stake For Rs 221 Cr
New Delhi: Lumax Auto Technologies Ltd will acquire the remaining 25 per cent stake in IAC International Automotive India Pvt Ltd from the International Automotive Components Group for Rs 221 crore, according to a regulatory filing by the company. The company has signed an agreement to acquire the remaining 25 per cent stake, and IAC Group will continue to support IAC India through a technology support agreement, Lumax Auto Technologies Ltd (LATL) said in a statement on Sunday. "Equity value for 25 per cent interest in IAC India is approximately Rs 221 crore," the filing said. Lumax had earlier acquired a 75 per cent stake in IAC India in March 2023. The closure of the latest transaction is subject to completion of customary conditions precedent and is expected by May 31, 2025 after which IAC India will become a wholly-owned subsidiary of LATL. The company further said it will explore the possibility of merging IAC India with Lumax in accordance with legal and regulatory requirements to unlock further synergies between the two companies. "The consolidation will strengthen our strategic vision and enable future growth, building on the strong foundation to drive continuity, performance, and scalability," Lumax Group Chairman Deepak Jain said. This development marks a significant milestone in the group's journey towards long-term value creation and providing comprehensive solutions across lighting, plastics, and interiors," he added. "It also reinforces its strategic position within IAC India and expands our footprint on major electric vehicle platforms of leading OEMs such as Mahindra & Mahindra, emphasising our commitment to the future of sustainable mobility," Jain said. IAC India has five manufacturing plants across the country, including two in Chakan, Pune and one each in Manesar, Nashik and Bangalore. It also has an in-house engineering centre in Pune with key capabilities in product designing and engineering, dimensional engineering, product development, programme management and tooling development, the statement said. The engineering centre has a team of 330 engineers and designers with global experience catering to all tool development requirements from customers as well as from its global sister concerns, it added.
Time of India
18-05-2025
- Automotive
- Time of India
Lumax Auto Tech to acquire remaining 25 pc stake in IAC India for Rs 221 cr
Lumax Auto Technologies Ltd will acquire the remaining 25 per cent stake in IAC International Automotive India Pvt Ltd from the International Automotive Components Group for Rs 221 crore, according to a regulatory filing by the company. The company has signed an agreement to acquire the remaining 25 per cent stake and IAC Group will continue to support IAC India through a technology support agreement , Lumax Auto Technologies Ltd (LATL) said in a statement on Sunday. "Equity value for 25 per cent interest in IAC India is approximately Rs 221 crore," the filing said. Lumax had earlier acquired a 75 per cent stake in IAC India in March 2023. The closure of the latest transaction is subject to completion of customary conditions precedent and is expected by May 31, 2025 after which IAC India will become a wholly-owned subsidiary of LATL. The company further said it will explore the possibility of merging IAC India with Lumax in accordance with legal and regulatory requirements to unlock further synergies between the two companies. Live Events "The consolidation will strengthen our strategic vision and enable future growth, building on the strong foundation to drive continuity, performance, and scalability," Lumax Group Chairman Deepak Jain said. This development marks a significant milestone in the group's journey towards long-term value creation and providing comprehensive solutions across lighting, plastics, and interiors," he added. "It also reinforces its strategic position within IAC India and expands our footprint on major electric vehicle platforms of leading OEMs such as Mahindra & Mahindra, emphasising our commitment to the future of sustainable mobility ," Jain said. IAC India has five manufacturing plants across the country, including two in Chakan, Pune and one each in Manesar, Nashik and Bangalore. It also has an in-house engineering centre in Pune with key capabilities in product designing and engineering, dimensional engineering, product development, programme management and tooling development, the statement said. The engineering centre has a team of 330 engineers and designers with global experience catering to all tool development requirements from customers as well as from its global sister concerns, it added.
