Online lending platform, Indifi Technologies on Tuesday announced that it has raised Rs 290 crore in its Series E funding round. The fund was managed and advised by ICICI Venture. The fundraise also saw 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, Indifi said, will be towards developing new products which will allow the company to serve more into underserved segments of the MSME sector.
“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,” said Alok Mittal, MD & CEO, Indifi Technologies.
“Indifi has created a best-in-class digital technology platform for lending to the large MSME sector, enabling access to credit for this highly underserved segment of the Indian economy. The robust governance and risk frameworks of the company inspire confidence and we are excited to partner with Indifi in its onward journey,” said Nikhil Mohta, Senior Director, Private Equity, ICICI Venture.
Last month, Indifi announced that its AUM doubled to over Rs 1,500 crore, marking a 100 per cent growth over the previous year. “The company turned profitable in Q4FY22 and maintained profitability throughout FY23. Till date, we have disbursed over 73,000 loans, across 400+ cities, with a total disbursement value of Rs 4100 crores,” said Alok Mittal. He also stated that the number of loans disbursed by the company has grown by 150 per cent, through a diversified mix of digital partnerships. “Additionally, the share of marketplace lenders in the AUM saw a 25 per cent increase over the last FY, thereby contributing 50 per cent by value in March ‘23,” he said.
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.