Indifi, which operates an online lending stage that offers outsider credits to micro, little and medium enterprises, has raised Rs 340 crore or close to $47 million in a mixed round of equity and debt led by CX Partners and OP Finnfund Global Impact Fund I.
Existing investors CDC Group, Omidyar Network, Flourish Ventures, Elevar Equity and Accel Partners have likewise invested in the equity round.
According to Indifi, the Series D round constitutes Rs 140 crore in equity and Rs 200 crore in debt from Vivriti, Northern Arc, SIDBI, U.S. DFC and others. The fresh finances will be used for expanding reach, tech infrastructure and item development among others, said Indifi in a press release.
The new round for the Gurugram-based organization has come after a hole of 28 months. CDC Group had led a $21 million Series C round in the Gurugram-based firm in July 2019. At this point, the organization has raised around $50 million in equity.
Indifi offers advances for private ventures across travel, hotel, e-commerce, restaurant, trading, and retail sectors which have limited access to credit from financial institutions.
According to the Alok Mittal-led organization, it expects to generously improve the experience for borrowers regarding credit access just as the speed and convenience of the advance process.
While Indifi didn’t share any financial numbers, Fintrackr has sifted through its regulatory filings which shows that the organization’s operating revenue merely grew by 6% to Rs. 57.89 core in FY21 from Rs 54.61 crore in FY20. It’s quite significant that the demand for advances among SMEs had gone up considerably in the last monetary due to the pandemic.
It’s not satisfactory why Indifi’s operating revenue didn’t develop essentially during FY21.
During the period ending March 2021, the organization’s all out expenses rose by 9% to Rs 102 crore from Rs 93.33 crore in the preceding financial year. The organization booked a deficiency of Rs 36.68 crore in FY21 as compared to Rs 32.20 crore in FY20.
Capital Float, InCred, Aye Finance and Lendingkart are the direct competitors of Indifi.
