Bangalore: the online loan platform Indifi has raised ??340 crore in a mix of equity and debt as part of its Series D cycle, the company said on Wednesday.
CX Partners and OP Finnfund Global Impact Fund I, as well as existing investors CDC Group, Omidyar Network, Flourish Ventures, Elevar Equity and Accel, have invested ??140 crore as part of a Series D fundraiser for Indifi Technologies.
Indifi also secured ??165 crore in debt financing from Vivriti, Northern Arc, SIDBI, as well as other lenders. In addition, the United States International Development Finance Corporation has guaranteed ??35 crore of funding to Indifi.
According to the company, the funds raised will be used to serve more customers, identify additional segments of MSMEs and for technology and product development.
With the current increase, Indifi has raised a total of ??350 crore in equity financing to date. The company is also in advance talks with some global funds to participate in the Series D fundraiser.
âAlthough India is home to many MSMEs, most of them do not have access to finance. At Indifi, we solve this problem by working closely with over 100 data partners and a few leading financial institutions, providing easily accessible digital loans, and helping businesses grow along their journey. For example, our recent collaboration with Facebook enables MSME actors digitally to benefit from small loans to grow their businesses, âsaid Alok Mittal, CEO and co-founder of Indifi.
Indifi operates an online lending platform that offers commercial loans to micro, small and medium enterprises (MSMEs) who have limited access to credit from financial institutions. Indifi offers tailor-made loans for travel, hospitality, e-commerce, restaurant, trade and retail businesses.
âIndifi fills a critical gap in the Indian lending landscape – to provide lending to small traders and businesses using technology to bypass the constraints of traditional lending to MSMEs by leveraging data and integrating with digital ecosystems and anchor financial institutions. Indifi, as a market leader, enables lenders and borrowers to participate and transact seamlessly. Financial services are a priority sector for CX and we see Indifi pushing new horizons in this space, âsaid Manu Sahni, Managing Director of CX Partners.
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