Indifi Technologies, a digital financial services company, has raised INR 140 crore in Series D funding. The round was led by CX Partners and OP Finnfund Global Impact Fund I along with existing investors CDC Group, Omidyar Network, Flourish Ventures, Elevar Equity and Accel.
The platform has also secured INR 165 crore in debt financing from Vivriti, Northern Arc, SIDBI, along with other lenders. Additionally, U.S. DFC has guaranteed INR 35 crore of funding to Indifi.
Indifi operates an online lending platform which offers business loans to micro, small and medium enterprises (MSMEs). Indifi offers tailored loans for travel, hotel, e-commerce, restaurant, trading and retail businesses.The funds will be used for serving more customers, identifying additional segments of MSMEs and for technology and product development, said a statement.
“Although India is home to numerous MSMEs, most of them lack access to funding. At Indifi, we address this problem by working closely with more than 100 data partners and a few top financial institutions, providing easily accessible loans digitally and helping businesses grow in their journey,” said Alok Mittal, CEO and co-founder of Indifi.
“Indifi is filling a critical gap in the Indian lending landscape.Indifi as a marketplace leader is enabling lenders and borrowers to participate and transact seamlessly. Financial services is a focus sector for CX and we see Indifi pushing new horizons in that space,” said Manu Sahni, managing director of CX Partners.
India is home to around 63 million MSMEs and a majority of them face microcredit challenges, making it difficult to efficiently manage and meet working capital needs. Indifi is addressing this problem by constantly innovating and offering new products within the existing industries or entering new industries with core offering. One of their key offerings is for women entrepreneurs, added the statement.Internet Explorer Channel Network