Indifi Technologies Raises INR 290 Crore In Series E funding The funds raised will be used to develop new lending products, expand customer access, and enable more segments
By Teena Jose
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Digital technology platform for MSME sector, Indifi Technologies, has raised INR 290 crore in its Series E funding round. Funds managed and advised by ICICI Venture led the round 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 funds raised will be used to develop new lending products, expand customer access, and enable more segments.
"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 and CEO, Indifi Technologies.
According to the company, their mission is to enable underserved MSMEs in the country through accessible, affordable and quick credit by leveraging technology. It also focuses on developing new products which will allow them to serve more into underserved segments of the MSME sector. The company had previously announced the close of its Series D funding round in November 2021 with the equity funding round led by CX Partners, and OP Finnfund Global Impact Fund I.
Founded in 2015 by Alok Mittal and Siddharth Mahanot, Indifi Technologies is a Gurgaon-based lending platform, enabling debt-financing for small businesses that aims to substantially improve the experience for borrowers regarding credit access as well as the speed and convenience of the loan process.
"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," said Nikhil Mohta, senior director, Private Equity.
