Indifi’s revenue grows 22% in FY25; reports Rs 107 Cr EBITDA

Gurugram-based MSME focused lender Indifi Technologies reported a 22% year-on-year growth in its operating revenue on the back of improved monetisation and stronger platform activity in the last fiscal year (FY25).

Indifi’s revenue increased to Rs 360 crore in FY25 from Rs 294 crore in FY24, according to figures shared by the company. The firm also made additional Rs 18 crore from non-operating sources which pushed its total income to Rs 378 crore during the fiscal year ending March 2025.

The firm provides loans to MSMEs, specifically micro and small businesses with turnovers ranging from Rs 50 lakh to Rs 10 crore. As per Indifi, Delhi NCR is a significant market, contributing approximately 20% of the overall business, followed by Mumbai, Bangalore, and Rajkot. 

On the expense side, the company claims that its cost of funds (finance cost) averaged around 10% in FY25. Overall, the Alok Mittal-led firm’s expenses rose 24% to Rs 429 crore in FY25 from Rs 346 crore in FY24.

Provisioning-led losses due to wider credit stress and a change of accounting standards from IGAAP to IND AS, resulted in a net loss of Rs 45 crore for the fiscal year. However, the company’s EBITDA increased to Rs 107 crore in the last fiscal year as compared to Rs 90 crore in FY24.

Indifi’s co-founder and executive chairman, Alok Mittal, told Entrackr that the company has already returned to profitability starting Q2 FY26, after a period of provisioning pressure. “We are coming out of a credit cycle. Profitability is back, and growth will resume in FY26 with supply chain finance and secured lending becoming bigger parts of the portfolio,” he said.

Indifi has also expanded its product portfolio, with D2C loans now contributing 15–20% of its business, supply chain finance at 6–8%, and newly launched secured lending introduced just six months ago which is expected to scale to 10–15% of the portfolio in the next three years. “Collectively, supply chain and secured lending are projected to account for 20–25% of AUM,” added Mittal.

According to startup data intelligence platform TheKredible, Indifi has raised a total of $129 million from CDC Group, Accel, ICICI Ventures and Omidyar Network, among others. As per Mittal, the firm is not looking to raise fresh equity in the near term. “We are comfortably levered and have sufficient equity for FY26 growth. Towards the end of FY26, we may look at capital infusion for the following year,” he said.