SME lending start-up Indifi raises $ 21 million in Series C funding round

Gurugram-based Indifi raised 145 Cr INR in a round led by the CDC group

Accel Group, Omidyar Network, Fair Finance Fund and Elevar Equity also participated

The new age lending platform provides loans to small and medium-sized enterprises (SMEs)

Indifi Technologies, a Gurugram-based B2B lender, has raised 145 Cr INR ($ 21 million) as part of its Series C funding round, led by the CDC Group. The company also has other investors like Accel India, Omidyar Network, Fair Finance Fund and Elevar Equity.

According to an ET report, Indifi raised INR 100 Cr from the CDC group, INR 23 Cr from the Accel group and INR 10 Cr each by Omidyar Network and Fair Finance Fund. The company aims to use the funds to modernize and expand existing activities into new areas of business, expand infrastructure, capital expenditures, repay debts and general expenses of the business to achieve its goals.

Indifi, founded by Alok Mittal and Siddharth Mahanot in 2015, is a new age lending platform for small and medium enterprises (SMEs). He lifted his first round of Accel Partners and Elevar Equity. The company has digitized the loan process for these small businesses. In 2016, the company ended its Series B investment cycle after Omidyar Network, a philanthropic investment firm, invested $ 10 million in the company.

Indifi provides personalized term loan, line of credit, bill discount and merchant cash advance services for travel, e-commerce, retail, restaurant and hotel businesses. The company also partnered with Swiggy in 2017 to provide loans to its partner restaurants.

Digital lending is considered the fastest growing segment in the Indian fintech industry. According to DataLabs By Inc42, the top three sub-sectors of fintech include payments technology, insurance technology, and lending technology. The three combined represent 85.7% of the total of $ 6.97 invested in the Indian startup ecosystem. Even the BCG report predicts that the digital lending industry will hit $ 1 billion over the next five years.

In recent months, startups in the lending industry have been raising funds. Three Mumbai-based lending startups: “Happy” received $ 20 million to explore the reach of artificial intelligence, “InCred” managed to raise 600 CR INR in series A from a Dutch development finance institution FMO and “CreditVidya” got $ 3 million from Bharat Innovation Fund.

Other such startups include LendingKart, based in Gujarat, who passed INR 80 Cr Debt Capital, CashSuvidha, based in New Delhi, which received $ 2.3 million in debt financing, and Zest Money, based in Bengaluru, which got $ 20 million in Series B round of funding.

Update: August 7, 2019 | 9:07 a.m.

Indifi has officially announced its Series C financing round of INR 145 Cr led by CDC Group. Existing investors, including Accel, Elevar Equity, Omidyar Networks and Flourish Ventures, also participated in the round. The company plans to use the funds to diversify into new verticals, develop technology and data infrastructure for future growth, and expand our service offerings to our clients.

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