Indifi Technologies, an enabler of micro, small, and medium enterprise (MSME) financing, has raised $10 million in a Series B round led by philanthropic investment firm Omidyar Network, established by the founder of eBay, Pierre Omidyar. Existing investors Accel Partners and Elevar Equity also participated in the round.
Indifi Technologies, while maintaining its focus on MSME businesses, intends to direct the investment towards furthering its products and technology, it said in a statement today.
Alok Mittal, CEO and co-founder of Indifi Technologies, said,
Through our current road map, we have validated our vertical approach to financing, and are now present across the travel, e-commerce, retail and hotel segments. The capital raised in this series will be targeted toward improving our offerings in these verticals.
Over the past several months, Indifi Technologies has expanded its lenders portfolio, increasing the offering of segment-specific product and credit design, and enhanced its proprietary data analytics to strengthen credit quality, it claimed.
The Gurugram-based startup aims to improve the experience for borrowers in terms of speed of approval and disbursement, convenience of the loan process, relevance of the loan product to their business needs, and finding the best rates in the market, the statement added.
It was after a stint as partner and Managing Director (MD) at VC firm Canaan Partners that Alok Mittal started Indifi Technology. Indifi aims to address the $380 billion debt financing gap in India’s MSME sector. The platform leverages technology to fill this vacuum, working with partners to facilitate working capital or debt for smaller businesses.
Currently, the company works with online travel agencies, B2B platforms for traders, and e-commerce companies. Indifi collects demographic, business and financial data, and analyses it to assist small businesses in securing credit from banks and NBFCs.