Gurugram-based platform for enabling debt-financing for small businesses Indifi Technologies has raised $10 Mn in a Series B funding round led by Omidyar Network. The existing investors Accel Partners and Elevar Equity also participated in the round.
Indifi Technologies, while maintaining its focus on MSME businesses, intends to direct the investments towards furthering its products and technology.
Smita Aggarwal, Director, Investments, Omidyar Network, said: “This investment strengthens our commitment of backing innovative business models that increase access to credit by underserved segments in India. Indifi’s unique platform combines smart data analytics and strategic partnerships with supply and distribution chain aggregators in a one-stop solution, revolutionizing the way lenders reach and underwrite credit to MSMEs, while helping them grow and thrive.”
Launched in 2015 by Alok Mittal, Indifi Technologies aims to substantially improve the experience for borrowers in terms of speed of approval and disbursement, the convenience of the loan process, relevance of the loan product to their business needs, and finding the best rates in the market. Driven by the idea of establishing or automating MSME financing in India, Indifi has emerged as an enabler for startups and small businesses to seek seamless access to funding.
As claimed in an official statement, the company has significantly expanded its lenders’ portfolio, increasing the offering of segment-specific product and credit design, and enhanced its proprietary data analytics to strengthen credit quality.
“Through our current roadmap, we have validated our vertical approach to financing and are now present across travel, ecommerce, retail, and hotel segments. The capital raised in this series will be targeted toward improving our offerings in these verticals. That means not only expanding our product lineup but also creating a more seamless customer experience, and enhancing our data and credit models,” said Alok.
A self-styled “philanthropic investment firm,”Omidyar Network is composed of a foundation and an impact investment firm. It was established in 2004 by eBay founder Pierre Omidyar and his wife Pam. As of September 2016, Omidyar Network has committed more than $992 Mn to nonprofit organizations and for-profit companies across multiple investment areas. The list includes consumer internet & mobile, education, financial inclusion, governance & citizen engagement, and property rights.
Other similar startups in this space are LendingKart,Meesho, Power2SME, and more.