MSME enabler Indifi Technologies raises $10 mn from Omidyar Network, existing investors

It will use the investment to expand the product lineup and develop technology solutions

Gurgaon-based financial technology start-up Indifi Technologies on Tuesday said it raised about $10 million in Series B round of funding from Omidyar Network as well as existing investors Accel Partners and Elevar Equity. 

The company, which is into micro, small and medium (MSME) enterprise debt financing, will use the investment to expand the product lineup and develop technology solutions.

"Through our current roadmap, we have validated our vertical approach to financing and are now present across travel, e-commerce, retail, and hotel segments," said Alok Mittal, chief executive officer and cofounder of Indifi Technologies. 

Prior to Indifi, Mittal had helped to set up Canaan Partners, a California-based early-stage venture capital firm, in India. He was also the co-founder of JobsAhead.com, eventually acquired by Monster.com.

"Indifi's unique platform combines smart data analytics and strategic partnerships with supply and distribution chain aggregators in a one-stop solution, revolutionising the way lenders reach and underwrite credit to MSMEs while helping them grow and thrive," said Smita Aggarwal, director - investments, Omidyar Network. A philanthropic investment firm, Omidyar Network was established by Pierre Omidyar, the founder of eBay.

While the funding scene was less exciting for start-ups in India this year, the story was different for financial technology start-ups. With the new round, Indifi Technologies joins the league of financial start-ups that raised about $ 170 million in total funding in 2016. Currently, the country houses more than 250 start-ups in the space, of which about 70 were incorporated this year.

With the recent demonetisation move by the Narendra Modi government, the scene looks greener for financial technology start-ups in 2017, predict sector experts.