Lending marketplace Indify raises Rs.340 Cr in a recent fundraising round
Indifi operates an online lending platform that offers third-party loans to micro, small and medium enterprises
Indifi, which operates an online lending platform that provides third-party loans to micro, small, and medium-sized businesses, has received Rs 340 crore (about $47 million) in mixed equity and debt round headed by CX Partners and OP Finnfund Global Impact Fund I. The equity round was also supported by existing investors CDC Group, Omidyar Network, Flourish Ventures, Elevar Equity, and Accel Partners.
The Series D round, according to Indifi, includes Rs 140 crore in equity and Rs 200 crore in debt from Vivriti, Northern Arc, SIDBI, U.S. DFC, and others. According to Indifi in a news statement, the new funds would be utilised to extend reach, tech infrastructure, and product development, among other things. The latest round comes after a 28-month wait for the Gurugram-based startup. In July 2019, CDC Group led a $21 million Series C financing in the Gurugram-based startup. The firm has currently raised around $50 million in stock.
Indifi provides loans to small enterprises in the travel, hotel, e-commerce, restaurant, trade, and retail sectors that have limited access to credit from traditional lenders. According to Alok Mittal, the company’s goal is to significantly enhance the experience of borrowers in terms of credit access, as well as the speed and ease of the loan procedure.
While Indifi did not release any financial figures, its regulatory filings show that the company’s operating income increased by only 6% to Rs. 57.89 crore in FY21 from Rs 54.61 crore in FY20. It’s worth mentioning that, as a result of the pandemic, the demand for loans among SMEs increased significantly in the previous fiscal year.
