[Funding alert] Lending platform Indifi raises $5M in debt financing
Indifi Technologies, a Gurugram-based online lending platform enabling credit for small businesses, on Monday announced that it had raised Rs 35 crore in debt financing from IndusInd BankLtd, with a guarantee from US International Development Finance Corporation (DFC).
The startup said these funds were deployed from IndusInd bank’s impact investing group to Riviera Investors Private Limited, which is Indifi’s in-house NBFC arm. The funds will be used for onward lending to small businesses (MSMEs) to accelerate post-COVID economic recovery, the statement added.
Siddharth Mahanot, Co-founder and COO, Indifi Technologies, said,
“We are extremely thankful today to the US International Development Finance Corporation (DFC) and Indusind Bank for this facility, which comes to us at the right time and helps us in our goal of extending debt financing to underserved MSMEs recovering from the COVID impact.”
Indifi Technologies Co-founders: Siddharth Mahanot (COO) (L), Alok Mittal (CEO) and Sundeep Sahi (CTO)
Equipped with its core objective of addressing the SME financing gap in India, Indifi claims that it has disbursed 30,000+ loans across 12+ industries since its inception, actively leveraging its extensive network of 20+ lenders, including its in-house NFBC Riviera, and 80+ partners.
Indifi recently forayed into the pharma segment and will be extending its credit line solution to retailers - especially pharma distributors and local chemists - for managing their working capital needs and cash flows.
Loren Rodwin, Managing Director of Social Enterprise Finance in DFC’s Office of Development Credit, said Indifi’s support is especially important for India’s small businesses as they weather the effects of the COVID-19 pandemic and recover.
According to Roopa Satish, Head - Corporate and Investment Banking, CSR and Sustainable Banking, IndusInd Bank, “We are glad to have associated with DFC to support Indifi’s effort in accelerating economic recovery for small and medium scale borrowers. The guarantee from DFC eliminates foreign exchange rate fluctuation risk from the balance sheet of Riviera and it has become an important tool to mobilise debt funding for impact space companies. We have done $30 million of DFC’s guarantee backed transactions till date, out of which $25 million has been done in FY21."