Indifi Technologies raises $35 million in Series E round led by ICICI Venture

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Indifi Technologies, a lending platform focussed on the micro, small and medium (MSME) sector, said on June 13 that it raised $35 million in its Series E funding round led by ICICI Venture.

The round also saw participation from existing investors including British International Investment, OP Finnfund Global Impact Fund I, Omidyar Network India, Flourish Ventures and CX Partners.

"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 Venture and our other investors for sharing this belief and their continued vote of confidence in our endeavours," managing director and CEO Alok Mittal said.

The firm plans to utilise the fresh capital to propel Indifi’s growth, as it expands its operations. The focus will be on developing new products, the firm said in a statement.

Founded in 2015 by Mittal, Siddharth Mahanot and Sundeep Sahi, Indifi is a Gurugram-based lending platform that enables debt-financing for small businesses. It aims to improve the experience for borrowers regarding credit access as well as the speed and convenience of the loan process.

The company had announced the close of its Series D funding round of $45 million in November 2021 with the equity funding round led by CX Partners, and OP Finnfund Global Impact Fund I.

The company turned profitable in Feb '22 and has grown profitability since then, it said. The most recent inroads made by Indifi were in instant business loans and enabling working capital finance to D2C brands, the statement said.

Indifi’s technology platform claims to have disbursed over 73,000
loans, amounting to over Rs 4,100 crore, across 400 cities.

Indifi’s strong relationships with ecosystem partners and liability partners will 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, ICICI Venture.