LendingTech Startup Indifi Raises $35 Million Funding
Digital lending platform Indifi Technologies has raised Rs 290 crore in its Series E funding round led by funds managed and advised by ICICI Venture.
Existing investors, including British International Investment, OP Finnfund Global Impact Fund I, Omidyar Network India, Flourish Ventures, and CX Partners, also participated in the funding round.
As per the startup, the freshly raised funds will be used to propel its growth as it expands its current operations and enhances its presence in the market.
The startup will focus towards developing new products, allowing them to serve more underserved segments of the MSME sector.
Indifi Technologies | Digital Lending Platform
Founded by Siddharth Mahanot and Alok Mittal in 2015, Indifi is a Gurugram-based online lending platform enabling credit for small businesses. The digital lending platform gathers and analyses data of businesses from various sources and draws insights to judge their creditworthiness.
Speaking about the development, Alok Mittal, MD & CEO of Indifi Technologies, said,
“This investment not only fuels our journey but also showcases the trust and endorsement of leading investors in the ecosystem. As an organisation, our commitment has been unwavering when it comes to marrying technology with ground-level understanding to create positive outcomes for MSMEs across India. We are thankful to ICICI Ventures and our other investors for sharing this belief and their continued vote of confidence in our endeavours.”
After drawing insights on creditworthiness, the startup takes the relevant applications to multiple lenders, increasing the chances of securing a loan and creating choices for lenders to pick the ones they wish to back.
This approach makes the loan process smart by minimizing risk, reducing paperwork and associated costs, while providing a simple and hassle-free experience setting the businesses on the growth path.
The startup claims to have disbursed over 73,000 loans across 400+ cities, amounting to a total disbursement value of over Rs 4,100 crore. Additionally, Indifi claims to have turned profitable in February 2022 and has grown profitability since then.
In November 2021, Indifi raised Rs 340 crore in a Series D equity and debt funding round led by CX Partners and OP Finnfund Global Impact Fund I.
Commenting on the development, Nikhil Mohta, Senior Director, Private Equity on behalf of ICICI Venture, said,
“Indifi has created a best-in-class digital technology platform for lending to the large MSME sector, enabling access to credit for this highly underserved segment of the Indian economy. Indifi’s strong relationships with ecosystem partners and liability partners stand in good stead as it targets a rapid scale up. The robust governance and risk frameworks of the company inspire confidence, and we are excited to partner with Indifi in its onward journey.”
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