Digital financial services company Indifi Technologies on Wednesday said it has raised Rs 340 crore in funding, including Rs 140 crore of equity funding from investors like CX Partners and OP Finnfund Global Impact Fund I.
CX Partners and OP Finnfund Global Impact Fund I (the first Finnish global emerging markets impact fund) along with existing investors CDC Group (the UK’s development finance institution), Omidyar Network, Flourish Ventures, Elevar Equity and Accel invested 140 crore in series D round of equity capital raise for Indifi Technologies, a statement said. The Gurugram-based company has also secured Rs 165 crore in debt financing from Vivriti, Northern Arc, SIDBI, along with other lenders, it added.
Additionally, US DFC (United States International Development Finance Corporation) has guaranteed Rs 35 crore of funding to Indifi. The series D round brings Indifi’s total equity fund raise to date at over Rs 350 crore. Indifi said it is also in advance conversation with select global funds for participation in the series D raise. 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.
The funds raised will be used for serving more customers, identifying additional segments of MSMEs, and towards technology and product development. “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 size loans to grow their businesses, Indifi CEO and co-founder Alok Mittal said. Manu Sahni, Managing Director at CX Partners, said 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. “Financial services is a focus sector for CX and we see Indifi pushing new horizons in that space,” Sahni added.