Indifi Technologies raises Rs 340 crore in Series D shares, debt financing
Indifi Technologies, a Gurgaon-based digital financial services company, said it had raised Rs 340 crore. into Series D shares and debt financing. CX Partners and OP Finnfund Global Impact Fund I (Finland’s first global emerging markets impact fund) as well as existing investors CDC Group (UK’s development finance institution), Omidyar Network, Flourish Ventures, Elevar Equity and Accel, have invested Rs 140 core. as part of a Series D fundraiser for Indifi Technologies.
Indifi has also secured base funding of Rs 165 from Vivriti, Northern Arc, SIDBI, as well as other lenders. In addition, the US DFC (United States International Development Finance Corporation) has guaranteed funding of Rs 35 crore to Indifi.
“Although India is home to many MSMEs, most of them do not have access to finance. At Indifi, we solve this problem by working closely with over 100 data partners and a few leading financial institutions, providing easily accessible loans digitally and helping businesses grow along their journey, ”a said Alok Mittal, CEO and co-founder of Indifi. “For example, our recent collaboration with Facebook allows MSME actors digitally to benefit from small loans to develop their activities. “
Indifi operates an online lending platform that offers commercial loans to micro, small and medium enterprises (MSMEs) who have limited access to credit from financial institutions. Indifi offers tailor-made loans for travel, hospitality, e-commerce, restaurant, trade and retail businesses. Funds raised will be used to serve more customers, identify additional segments of MSMEs and for technology and product development.
“Indifi fills a critical gap in the Indian lending landscape – providing loans to small traders and businesses using technology to bypass the constraints of traditional lending to MSMEs by leveraging data and integrating into ecosystems digital and anchor 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 which is essential for economic development and employment.
India is home to around 63 million MSMEs, and the majority of them face microcredit issues, making it difficult for them to manage effectively and meet working capital needs. Indifi tackles this problem by constantly innovating and offering new products within existing industries or entering new industries with a core offering.
“The platform brings together partners and lenders to help previously underserved small businesses access unsecured business loans,” said Kuutti Kilpeläinen, chief investment officer, Finnfund.