Money & Banking

Indifi raises ₹140 crore in series D equity, ₹200 crore debt funding

Our Bureau New Delhi | Updated on November 24, 2021

Alok Mittal, CEO and Co-founder, Indifi   -  THE HINDU

Fintech offers MSMEs loans tailored to their business segment

Indifi Technologies, a digital financial services company, has raised ₹140 crore in a Series D equity financing led by CX Partners and OP Finnfund Global Impact Fund I (the first Finnish global emerging markets impact fund).

The existing investors — CDC Group (the UK’s development finance institution), Omidyar Network, Flourish Ventures, Elevar Equity and Accel — also invested in this round of equity capital raise.

The fintech has also raised debt financing of ₹200 crore — ₹165 crore from Vivriti, Northern Arc, SIDBI and other lenders, besides the United States International Development Finance Corporation guaranteeing ₹35 crore of funding.

Indifi operates an online lending platform for micro, small and medium enterprises (MSMEs), which typically have limited access to credit from financial institutions. Indifi offers tailored loans for businesses in the travel, hotel, e-commerce, restaurant, trading, and retail segments.

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The funds will be used to acquire more customers, identify additional segments of MSMEs, and for technology and product development.

The latest round brings Indifi’s total equity fund raise to ₹350-plus crore. Indifi is also in talks with a few global funds for participation in the Series D raise.

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Alok Mittal, CEO and Co-founder, Indifi, said in a statement, “We work closely with more than 100 data partners and a few top financial institutions, providing easily accessible loans digitally, and helping businesses grow. For example, our recent collaboration with Facebook digitally enables MSME players to access small-ticket loans.”

Haitong India acted as an exclusive advisor to Indifi Technologies on this transaction. Shardul Amarchand Mangaldas & Co, Quillon Partners and Cyril Amarchand Mangaldas were the legal advisors to Indifi, CX Partners and Finnfund, respectively.

Published on November 24, 2021

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