Indifi Technology Raises 290 cr In Series E Funding For Boosting Growth

Indifi Technology- a digital lending platform for MSME on Thursday announced that it has raised Rs 290 crore of funding in series E funding. The session was led by ICICI Venture along with participation from existing investors like British International Investment, OP Finnfund Global Impact Fund I, Omidyar Network India, Flourish Ventures and CX Partners.  

According to the company, the process of this funding will be used to boost its growth and expansion in India. The focus will be on developing new products so that it can provide better services to underserved areas of the MSME sector.

The Gurugram-based company has claimed to disburse over 73,000 loan across 400 cities in India of total amount of Rs 4,100 crore. The company focuses on to support underserved MSMEs by optimum utilisation of technology.

Prior to this, the start-up bagged investment in its Series D funding round in November 2021 from investors like CX Partners, and OP Finnfund Global Impact Fund I.

Speaking about the funding, Alok Mittal, MD, CEO, Indifi Technology said, “This investment shows the faith of leading investors in the ecosystem as well as fuels our journey. Our commitment has been unwavering when it comes to technology with ground-level understanding to create positive outcomes for MSMEs. We are thankful to ICICI Ventures and our other investors for sharing this belief and their continued vote of confidence in our endeavours.”

Nikhil Mohta, Senior Director, Private Equity, ICICI ventures said, “Alok and Siddharth have made a strong management team of Indifi with deep understanding of MSME sector. Indifi has made a best digital platform that provides loan to 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.”

Earlier in November 2021, the company had raised funds from OP Finnfund Global Impact Fund I, Flourish Ventures and CX Partners in series D funding round.