You are here: Home » Companies » News
Business Standard

Indifi Technologies raises Rs 340 crore in series D equity, debt funding

Indifi has also secured Rs 165 core in debt financing from Vivriti, Northern Arc, SIDBI, along with other lenders

Indifi | fundings | equity

Peerzada Abrar  |  Bengaluru 

Indifi Tech
(L-R) Siddharth Mahanot, COO & Alok Mittal, MD, Indifi Technologies

Technologies, a digital financial services company based in Gurgaon, said it has raised Rs 340 crore. in series D Equity, and Debt Funding. CX Partners and OP Finnfund Global Impact Fund I (the first Finnish global emerging markets impact fund) along with existing investors CDC Group (the UK’s development finance institution), Omidyar Network, Flourish Ventures, Elevar and Accel, have invested Rs 140 core. in Series D round of Capital raise for Technologies.

has also secured Rs 165 core in debt financing from Vivriti, Northern Arc, SIDBI, along with other lenders. Additionally, U.S. DFC (United States International Development Finance Corporation) has guaranteed Rs 35 crore of funding to Indifi.

“Although India is home to numerous MSMEs, most of them lack access to funding. At Indifi, we address this problem by working closely with more than 100 data partners and a few top financial institutions, providing easily accessible loans digitally, and helping businesses grow in their journey,” said Alok Mittal, CEO and co-founder, Indifi. “For example, our recent collaboration with Facebook digitally enables MSME players to avail small ticket sized loans to grow their businesses.”

Indifi operates an online lending platform that offers business loans to micro, small and medium enterprises (MSMEs) that have limited access to credit from financial institutions. Indifi offers tailored loans for travel, hotel, e-commerce, restaurant, trading, and retail businesses. The funds raised will be used for serving more customers, identifying additional segments of MSMEs, and towards technology and product development.

“Indifi is filling a critical gap in the Indian lending landscape – to provide loans to small merchants and businesses using technology to bypass constraints of traditional MSME lending by relying on data and integrating with anchor digital ecosystems and financial institutions,” said Manu Sahni, Managing Director, CX Partners.

Tuomas Virtala, Head of Asset Management at OP Corporate Bank, said this investment allows Indifi to expand its services more broadly to the Indian MSME sector that is critical for economic development and employment.

India is home to around 63 million MSMEs, and a majority of them face microcredit challenges, making it difficult for them to efficiently manage and meet working capital needs. Indifi is addressing this problem by constantly innovating and offering new products within the existing industries or entering new industries with core offering.

“The platform brings together partners and lenders to help previously underserved small businesses access unsecured business loans,” said Kuutti Kilpeläinen, Investment Manager, Finnfund.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, November 24 2021. 08:30 IST