Till date the company has raised around $85 million in equity funding, data from Tracxn shows.
The round was led by funds managed by ICICI Venture, along with participation from existing investors, including British International Investment, OP Finnfund Global Impact Fund I, Omidyar Network India, Flourish Ventures and CX Partners.
According to the company, it will use the fresh capital to expand its current operations, enhance its presence across existing and newer markets, as well as to develop newer markets across the MSME sector.
The current round comes at a time when several players are moving towards co-lending and loan origination agreements to build their books. Further, the recent guidelines from the regulator around default loss guarantees has reopened major business opportunities for fintechs.
Founded in 2015, Gurugram-based Indifi provides debt financing for small businesses while bringing them to the formal credit economy by providing term loans, lines of credit, invoice discounting and merchant cash advances. It has also recently started providing instant business loans and enabling working capital finance to direct-to-consumer (D2C) brands
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Indifi has enabled the disbursal of over 73,000 loans across over 400 cities, amounting to a total value of over Rs 4,100 crore, the company 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,” said Alok Mittal, managing director and chief executive officer, Indifi Technologies.
The company claims to have turned profitable in February 2022 and to have grown more profitable since then.
Indifi had previously raised Rs 340 crore (around $45 million) in a mix of equity and debt in November 2021.
“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,” said Nikhil Mohta, senior director, private equity, ICICI Venture.
Last December, the company also announced a strategic minority investment in business-to-business service platform BizeeBuy, which helps D2C businesses with inventory management, vendor management and e-procurement.
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