This 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 towards developing new products which will allow them to serve more into underserved segments of the MSME sector.
Based in Gurgaon, Indifi’s technology platform has been utilized to disburse over 73,000 loans across 400+ cities, amounting to a total disbursement value of over INR 4100 crore. Their mission is to enable underserved MSMEs in the country through accessible, affordable and quick credit by leveraging technology. The company turned profitable in Feb ’22 and has grown profitability since then. The company exemplifies growth and innovation as twin engines that drive impact at scale. Over the past eight years, Indifi has consistently expanded their offerings to ensure all businesses can access formal finance that suits their needs. The most recent inroads being instant business loans and enabling working capital finance to D2C brands.
Speaking on the fundraise, Alok Mittal, MD & CEO, Indifi Technologies said in a statement, “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. We are thankful to ICICI Ventures and our other investors for sharing this belief and their continued vote of confidence in our endeavours.”
Speaking on behalf of ICICI Venture on the investment, Nikhil Mohta, Senior Director, Private Equity said “Alok and Siddharth have built a strong management team at Indifi, with a deep understanding of the Indian MSME space. 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. Indifi’s strong relationships with ecosystem partners and liability partners stand in good stead as it targets a rapid scale up. The robust governance and risk frameworks of the company inspire confidence and we are excited to partner with Indifi in its onward journey.”
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.
