Indifi Technologies raises $35M in Series E funding round

Digital financial services company Indifi will use the funding to develop new lending products, expand customer access, and enable more segments.

Indifi Technologies raises $35M in Series E funding round

Tuesday June 13, 2023,

2 min Read

Indifi Technologies, a lending platform focused on the MSME segment, has raised Rs 290 crore in its Series E funding round. The round was led by funds managed and advised by ICICI Venture, along with participation from existing investors including British International Investment, OP Finnfund Global Impact Fund I, Omidyar Network India, Flourish Ventures, and CX Partners.

The digital lending platform will use the funding to propel Indifi’s growth as it expands its current operations and enhances its presence in the market. The focus will be towards developing new products, which will allow them to serve more into underserved segments of the MSME sector, it stated.

“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,” said Alok Mittal, MD & CEO, Indifi Technologies.

In November 2021, the Gurugram-based startup had raised Rs 340 crore in Series D equity and debt funding round led by CX Partners, and OP Finnfund Global Impact Fund I.

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Founded in 2015 by Alok Mittal and Siddharth Mahanot, Indifi Technologies is a lending platform that enables debt-financing for small businesses. So far, it had disbursed over 73,000 loans across 400+ cities, amounting to a total disbursement value of over Rs 4,100 crore.

The company claims to have turned profitable in February 2022, and has grown profitability since then.

“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,” added Nikhil Mohta, Senior Director, Private Equity on behalf of ICICI Venture.

IIFL Securities acted as an exclusive advisor to Indifi Technologies on this transaction, and Shardul Amarchand Mangaldas & Co were the Legal advisors to Indifi.

Edited by Megha Reddy