Indifi Technologies raised $35 M Series E funding from multiple investors
In its Series E round, Indifi Technologies, an online lending platform that provides third-party loans to micro, small, and medium-sized businesses, raised $35 million. Along with participation from pre-existing investors such as British International Investment, OP Finnfund Global Impact Fund I, Omidyar Network India, Flourish Ventures, and CX Partners, funds managed and advised by ICICI Venture led the round.
The Gurugram-based business acquired $47 million in a mixed equity and debt round led by CX Partners and OP Finnfund Global Impact Fund I in November 2021. According to a press release from the company, the additional funds will be used to create new lending products, increase customer access, and enable more segments.
For small companies in the travel, hospitality, e-commerce, restaurant, trading, and retail industries that have trouble getting credit from banks, Indifi offers loans. Furthermore, it began offering business loans and enabling working capital financing to direct-to-consumer brands.
The platform, which was established in 2015 by Alok Mittal and Siddharth Mahanot, assists platforms like Zomato, Swiggy, and Amazon in deriving insights from creditworthiness data. Indifi claims that in March 2023, after disbursing more than 73,000 loans totalling Rs 4,100 crore to companies nationwide, it had reached Rs 1500 crore in AUM.
By the end of FY22, Indifi claimed that it had achieved profitability in February 2022, and that profitability had increased ever since. Despite not disclosing its most recent financial figures, the company’s revenue from operations increased by 66.3% to Rs 96.3 crore in FY22 from Rs 57.9 crore in FY21.
In FY22, Indifi reduced losses by 10.4% to Rs 32.8 crore despite a 35% increase in expenses, according to the company’s annual financial statement submitted to the Registrar of Companies (RoC).
It contends with Lendingkart, InCred, Aye Finance, and Axio (previously Capital Float).
