Micro, small and medium enterprise (MSME)-focused lending platform Indifi Technologies said that it has raised Rs 290 crore (or roughly $35 million) as part of its latest round of funding, according to ETtech report.
The round was led by funds managed by ICICI Venture, along with participation from existing investors, including British International Investment, OP Finnfund Global Impact Fund I, Omidyar Network India, Flourish Ventures and CX Partners. According to the company, it will use the fresh capital to expand its current operations, enhance its presence across existing and newer markets, as well as to develop newer markets across the MSME sector.
Founded in 2015, Indifi provides debt financing for small businesses while bringing them to the formal credit economy by providing term loans, lines of credit, invoice discounting and merchant cash advances. It has also recently started providing instant business loans and enabling working capital finance to direct-to-consumer (D2C) brands, the statement said.
“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,” said Alok Mittal, managing director and chief executive officer, Indifi Technologies.
“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, ICICI Venture.
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