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Indifi Technologies raises $35 Mn in Series E round


Indifi Technologies, an online lending platform that offers third-party loans to micro, small and medium enterprises, has raised $35 million in its Series E 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.

In November 2021, the Gurugram-based company scooped up $47 million in a mixed round of equity and debt led by CX Partners and OP Finnfund Global Impact Fund I. The fresh funds will be used to develop new lending products, expand customer access, and enable more segments, the company said in a press release.

Indifi offers loans for small businesses across travel, hotel, e-commerce, restaurant, trading, and retail sectors which have limited access to credit from financial institutions. It also started providing business loans and enabling working capital finance to D2C brands.

Founded in 2015 by Alok Mittal and Siddharth Mahanot, the platform also helps platforms like Zomato, Swiggy, and Amazon in drawing insights from data on creditworthiness. According to Indifi, it had crossed Rs 1500 crore AUM in March 2023, having disbursed over 73,000 loans worth Rs 4,100 crore so far to businesses across the country.

Indifi claimed that it turned profitable in February 2022 (by the end of FY22) and has grown profitability since then. While the company did not share its latest financial numbers, its revenue from operations grew 66.3% to Rs 96.3 crore in FY22 from Rs 57.9 crore in FY21. Despite a 35% surge in expenses, Indifi managed to reduce losses by 10.4% to Rs 32.8 crore in FY22, as per the company’s annual financial statement filed with the Registrar of Companies (RoC).

It competes with Axio (earlier Capital Float), InCred, Aye Finance and Lendingkart.

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