A fintech firm, be it B2B or B2C, raising a new, impressive round of funding in the Indian startup ecosystem is nowhere a new or surprising development.
If we specifically talk about B2B lending, in the past few months itself several startups including InCred, LendingKart, and CreditVidya have raised around $75 million in equity and debt capital altogether.
Capital Float has also been scouting for fresh investors after its talks with Naspers had fizzled out.
Indifi, an industry specific B2B lender’s latest round of funding is yet another testimony to this. The Alok Mittal-led firm, as per its latest RoC filings with Ministry of Corporate Affairs, has raised a $21.32 million (Rs 145 crore) Series C round led by CDC Group.
Existing investors Omidyar Network, Elevar Equity, and Accel India Ventures are also participating in the round. The company has also onboarded a new investor – Fair Finance Fund LLC. The brand name of this LLC is uncertain yet.
CDC Group picked up 71,08,870 Series C CCPS and 100 equity shares each at a price of Rs 140.67, adding up to an investment worth $14.71 million (Rs 100 crore) in the company.
Omidyar and Fair Finance Fund invested $1.53 million (Rs 10.39 crore) via 7,38,910 CCPS of same class each. Accel poured in $3.41 million (Rs 23.22 crore) and Elevar contributed Rs 99.1 lakhs through this round.
The 2015 founded firm last raised $10 million in a Series B round in December 2016.
Indifi is a B2B lending platform that provides term loan, line of credit, invoice discounting, and merchant cash advancing services especially customized for companies belonging to travel, e-commerce, hotel, retail, and restaurant segments.
The firm even partnered with Swiggy in October 2017 to provide loans to partner restaurants.
The company intends to use this funds for expansion, and modernization of existing business, development of infrastructure for future growth, capex, working capital requirements, and repayment of debts and other general corporate objectives in the foreseeable future, reveals the same filings by the company.
On the other hand, a tweet thread released by Unicon Baba in mid-July mentions that right before this round – the company has seen a minor change in the top management.
According to the same tweet, apart from this equity round, a debt round worth $70 million is also on its way. This round is apparently being funded by Northern Arc Capital, Manappuram Finance, Fullerton, and an unknown UK based bank.
However, any documents verifying this is yet to be filed with MCA.
Entrackr had sent detailed queries to the Co-founder and CEO of the firm – Alok Mittal. He declined to comment on the same.