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Indifi Technologies, a digital technology platform for lending to the MSME sector, has raised ₹290 crore in Series E funding 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.
The fresh capital infusion will be used to propel Indifi’s growth, as it expands its current operations and enhances its presence in the market. The focus will be on developing new products which will allow them to serve more underserved segments of the MSME sector.
Alok Mittal, MD and CEO, Indifi Technologies, 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.”
Disburse loans
Based in Gurgaon, Indifi’s technology platform has been utilised to disburse over 73,000 loans across 400 cities, amounting to a total disbursement value of over ₹4,100 crore. The company said it turned profitable in February 22 and has grown profitability since then.
Over the past eight years, Indifi said it has expanded its offerings to ensure all businesses can access formal finance that suits their needs. The most recent inroads are instant business loans and enabling working capital finance to D2C brands.
The company had previously announced the close of its Series D funding round in November 2021 with the equity funding round led by CX Partners, and OP Finnfund Global Impact Fund I.
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