Alok Mittal Led Indifi Backs SaaS Startup BizeeBuy

Lendingtech startup Indifi has announced that it has made a strategic investment in software-as-a-service (SaaS) provider BizeeBuy, which will use the funds for product development and marketing activities. 

As part of the deal, Indifi will integrate with BizeeBuy to provide support in the functioning, designing and processing of the platform, and allow the latter’s customers to access credit services such as invoice discounting.

Besides, the move will help Indifi strengthen its tech offerings and give its customers access to BizeeBuy’s services. 

Founded in 2015 by Alok Mittal, Siddharth Manhot and Sudeep Sahi, Indifi offers credit solutions to underserved businesses. It claims to have disbursed over 55,000 loans across 650+ cities in India. Indifi uses a tech-enabled approach to assess data of various businesses and then create insights to determine their creditworthiness.

“The critical problems that BizeeBuy seeks to solve are pervasive across segments of the MSME sector, yet the solutions are not readily available. Joining forces with BizeeBuy was an easy decision considering their robust system and product, and we look forward to jointly unlocking great opportunities for our customers,” said Alok Mittal, the cofounder and CEO of Indifi.

In the financial year 2021-22 (FY22), the startup reported a consolidated loss of INR 32.8 Cr versus INR 36.7 Cr a year ago. Its operating revenue increased 66% YoY to INR 96.3 Cr from INR 57.9 Cr in FY21.

The startup counts Flipkart, Swiggy, Zomato, Amazon, Yatra and SpiceJet as its customers. Its cap table includes CX Partners, OP Finnfund Global Impact Fund I, CDC Group, Omidyar Network, Flourish Ventures, Elevar Equity, and Accel, among others.

Founded by Ravi Tiwari, BizeeBuy is a SaaS startup that helps businesses manage commercial operations, including internal process controls, eprocurement, inventory management, vendor collaboration and source-to-pay automation. 

“Indifi as a leading digital lending platform brings with them a deep understanding of the credit needs of the MSME space. We are excited to have them join us as strategic investors and I believe together we can further our overarching mission of technology-driven enablement of MSMEs,” said Ravi Tiwari, the founder and CEO of BizeeBuy. 

According to a Bain&Co report, the country’s SaaS industry received capital infusions of about $4.5 Bn in 2021. The sector is expected to breach $30 Bn mark by 2025, capturing 9% of the global SaaS market by 2025.