Despite the scale of the sector, fintech startups still have many future opportunities
Speaking at TMS 2023, Mittal laid stress on the integration of financial services such as lending, payments, and savings
Indifi’s cofounder said the integration could happen in two ways – either through partnerships or acquisitions
In the thriving startup ecosystem of India, fintech services have remained one of the most innovative and disrupting categories. Despite the scale of the sector, fintech startups still have many future opportunities, and the cofounder and CEO of Indifi, Alok Mittal, believes that integration of services would be an interesting area to look for.
“We are optimistic about what the future holds for us. But one of the trends that is exciting for me is the motion of integration of various services at customer touchpoints. We talked about payments and lending belonging together, savings belonging there,” Mittal said while speaking at Inc42’s The Maker Summit 2023.
While he also spoke about the integration of financial services such as lending, payments, and savings belonging together, he also added that there could be integration at the non-financial service level such as user transactions.
According to Mittal, the integration could happen in two ways – either through partnerships or acquisitions.
Founded in 2015 by Alok Mittal, Siddharth Manhot and Sudeep Sahi, Indifi offers credit solutions to underserved businesses. Indifi uses a tech-enabled approach to assess data of various businesses and then create insights to determine their creditworthiness.
It is to be noted that Indifi made a strategic investment in software-as-a-service (SaaS) provider BizeeBuy last year. As part of the deal, Indifi said it would 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.
The Gurugram-based startup’s consolidated net loss narrowed 10.6% to INR 32.8 Cr in the financial year 2021-22 (FY22) from INR 36.7 Cr in FY21, according to its regulatory filing.
The startup’s operating revenue jumped over 66% year-on-year (YoY) to INR 96.3 Cr in FY22 from INR 57.9 Cr in FY21.