1 min read.Updated: 24 Nov 2021, 04:28 PM ISTLivemint
Indifi said the funds raised will be used for serving more customers, identifying additional segments of MSMEs, and towards technology and product development
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Bengaluru: Online lending platform Indifi has raised ₹340 crore in a mix of equity and debt as part of its Series D round, the company said on Wednesday.
CX Partners and OP Finnfund Global Impact Fund I, along with existing investors CDC Group, Omidyar Network, Flourish Ventures, Elevar Equity and Accel, have invested ₹140 crore in Series D round of equity capital raise for Indifi Technologies.
Indifi has also secured ₹165 crore in debt financing from Vivriti, Northern Arc, SIDBI, along with other lenders. Additionally, United States International Development Finance Corporation has guaranteed ₹35 crore of funding to Indifi.
According to the company, the funds raised will be used for serving more customers, identifying additional segments of MSMEs, and towards technology and product development.
With the current raise, Indifi has raised a total of ₹350 crore in equity funding till date. The company is also in advance conversation with select global funds for participation in the Series D raise.
“Although India is home to numerous MSMEs, most of them lack access to funding. At Indifi, we address this problem by working closely with more than 100 data partners and a few top financial institutions, providing easily accessible loans digitally, and helping businesses grow in their journey. For example, our recent collaboration with Facebook digitally enables MSME players to avail small ticket sized loans to grow their businesses," said Alok Mittal, chief executive officer and co-founder, Indifi.
Indifi operates an online lending platform that offers business loans to micro, small and medium enterprises (MSMEs), that have limited access to credit from financial institutions. Indifi offers tailored loans for travel, hotel, e-commerce, restaurant, trading, and retail businesses.
“Indifi is filling a critical gap in the Indian lending landscape – to provide loans to small merchants and businesses using technology to bypass constraints of traditional MSME lending by relying on data and integrating with anchor digital ecosystems and financial institutions. Indifi as a marketplace leader is enabling lenders and borrowers to participate and transact seamlessly. Financial services is a focus sector for CX and we see Indifi pushing new horizons in that space," said Manu Sahni, managing director, CX Partners.