Indifi co-founder Siddharth Mahanot steps down after nine-year tenure

Indifi Technologies co-founders Siddharth Mahanot (left) and Alok Mittal

Digital lending platform Indifi’s co-founder and executive director Siddharth Mahanot has stepped down, ending his nine-year tenure at the Accel and ICICI Venture-backed fintech firm.

Alok Mittal, another co-founder, and newly appointed chief executive officer (CEO) Sangram Singh are expected to assume leadership roles following the transition.

Mahanot declined to comment on the development but a source indicated that he may take some time off to explore new interests and opportunities beyond Indifi, though specific plans remain unclear.

"After more than 9 incredible years as a Co-Founder at Indifi, I have decided to step down from my executive responsibilities at the end of this month," Mahanot said in a LinkedIn post.

“Although I am stepping away from day-to-day operations, I will continue to be involved as a shareholder and will maintain my board responsibilities. I’m confident that under the strong leadership of Alok Mittal and Sangram Singh, supported by the stellar leadership team, the company will continue to grow, thrive, and innovate."

Backed by investors like ICICI Ventures, Accel, CDC Group, Elevar Equity, British International Investment, OP Finnfund Global and Omidyar Network India, the Gurugram-based non-banking finance company (NBFC) provides instant business loans and working capital finance to MSMEs and direct-to-consumer (D2C) brands.

The platform claims to have an active loan book of Rs 2,000 crore, 50 percent of which is funded from its in-house NBFC.

Indifi has disbursed over 96,000 loans worth Rs 5,100 crore across 400 cities, the company says.

In December, the digital lender roped in Singh, a former Axis Bank executive, as the CEO to scale up Indifi's core platform and oversee key functions including product, distribution, lending partnerships, treasury, risk and technology.

With Singh’s appointment, the firm is said to be looking at new business lines as it focuses on supply- chain financing and secured lending products, as its next frontier of growth. It also roped in former Paytm vice president Jasmeet Arora as its chief growth officer.

Indifi raised a funding round of Rs 290 crore in June 2023 led by ICICI Venture, with participation from existing investors.