Indifi Cofounder Siddharth Mahanot Steps Down After 9-Year Stint

Indifi Cofounder Siddharth Mahanot Steps Down After 9-Year Stint

SUMMARY

“After more than nine incredible years as a cofounder at Indifi, I have decided to step down from my executive responsibilities at the end of this month”

He further said in his post that although “he is stepping away from day-to-day operations, but will continue to be involved as a shareholder and will maintain his board responsibilities.”

Following Mahanot’s departure, the company’s other cofounder Alok Mittal and chief executive Sangram Singh will continue to helm the company

Indifi’s cofounder Siddharth Mahanot has stepped down from his executive role at the lending tech company, ending his nine-year stint.

“After more than nine incredible years as a cofounder at Indifi, I have decided to step down from my executive responsibilities at the end of this month,” Mahanot announced in his LinkedIn post on Saturday (September 28).

He further said in his post that although “he is stepping away from day-to-day operations, but will continue to be involved as a shareholder and will maintain his board responsibilities.”

Following Mahanot’s departure, the company’s other cofounder Alok Mittal and chief executive Sangram Singh will continue to helm the company.

With over two decades of experience across credit management and risk assessment, he was the executive vice president at Indiabulls Housing Finance in 2014-15. Prior to that, he was the associate director and risk head – retail finance at Edelweiss Financial Services.

Indifi, cofounded by Mahanot, Mittal and Sudeep Sahi in 2015, aims to streamline loan process for SMBs by connecting them with multiple lenders. In June, it raised $35 Mn as a part of its Series E funding round, taking its total funding to over $120 Mn.

The startup claims to have hit its first profitability milestone in February 2022. 

It is pertinent to note that Sahi quit the company in 2017 and is currently the founder of a payroll management company, Skuad.

Indifi reported a net profit of INR 5.1 Cr in FY23 as compared to a loss of INR 32.8 Cr in FY22, its maiden profit for the full year. 

Its revenue from operations more than doubled to INR 198 Cr in March 2023 from INR 96 Cr, and Mittal is confident about maintaining this growth rate in FY24 as well.

Mahanot’s exit comes at a time when Indifi is looking to tap into the growing credit needs of MSMEs on the back of rising digitisation. 

Compared to global averages, the MSME sector in India suffers a formal credit gap penetration challenge of $530 Bn, according to a recent report by EY. 

On the broader lending front, Inc42’s report outlines that the lending tech market opportunity will reach $1.3 Tn by 2030.

 

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Indifi Cofounder Siddharth Mahanot Steps Down After 9-Year Stint-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Indifi Cofounder Siddharth Mahanot Steps Down After 9-Year Stint-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Indifi Cofounder Siddharth Mahanot Steps Down After 9-Year Stint-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Indifi Cofounder Siddharth Mahanot Steps Down After 9-Year Stint-Inc42 Media
Indifi Cofounder Siddharth Mahanot Steps Down After 9-Year Stint-Inc42 Media
You’re in Good company