Indifi Technologies, An Enabler for SME Funding in India, Partners With India Infoline Finance Limited

Indifi Technologies, an enabler for SME funding in India, announces the expansion of its partnership with its year-old lender partner - India Infoline Finance Limited (IIFL). As a part of this partnership expansion, IIFL, broadening its horizons, extends monetary aid to small businesses across segments that Indifi operates in viz. Travel, Hotels and Retail. This is a pivotal move by both parties as their partnership evolves from single –segment to a multi- segment one.

Talking about the partnership, Mr. Siddharth Mahanot, Co-founder and COO, Indifi Technologies said, “We have been partners with IIFL for a year now and we are very pleased with the way the partnership has progressed and pivoted into a multi - segment partnership. IIFL is a natural partner to Indifi Technologies as it is one of the most active lenders in the small business space, aligned to our focus on SMEs. IIFL also thrives on its deep understanding of the digital lending ecosystem, which makes this association a mutually benefiting one. We aim to expand this partnership across multiple segments and geographies in the coming months.”

Nishant Jasapara, Head, Digital Finance, India Infoline Finance said, “As a part of the drive to make finance available for small and medium Indian enterprises through digital mode, India Infoline Finance and Indifi Technologies have taken this pioneering initiative. Indifi has a very segment specific approach coupled with unique data and tech based model with full customer lifecycle management. We believe our partnership will go a long way in bolstering digital finance drive in India and support the government’s ‘Make in India’ program.”

IIFL is a diversified financial group offering products such as Life Insurance, Mutual Funds, Tax free bond, Home loans and more. Indifi has been associated with IIFL since May 2016 when the partnership was inked ever since over 100 loans have already been sanctioned to customers across different segments like travel and hotels.

In December 2016, the company raised $10 million in a Series B investment round led by philanthropic investment firm Omidyar Network, established by the founder of eBay, Pierre Omidyar. Existing investors Accel Partners and Elevar Equity also participated in the round.

Indifi Technologies Raises $10M in Series B Funding Round

Indifi Technologies, an enabler of micro, small, and medium enterprises (MSME) financing in India, announced today it has raised $10 million in a Series B investment round led by philanthropic investment firm Omidyar Network, established by the founder of eBay, Pierre Omidyar. 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.

Further elaborating on the intended use of the capital raised, Alok Mittal, CEO and cofounder of Indifi Technologies, said: “Through our current roadmap, we have validated our vertical approach to financing and are now present across travel, e-commerce, 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. We are delighted to have Omidyar Network as a new partner in our journey, and are excited to leverage their global perspective and experience.”

Commenting on the investment, 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.”

In the past several months, Indifi Technologies 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.