Indifi Technologies, a lending platform catering to small and medium-sized businesses (SMBs), has successfully secured $35 million in a Series E funding round. Led by funds managed by ICICI Ventures, the round also saw participation from existing investors Lightspeed Venture Partners, Saama Capital, and Bessemer Venture Partners. This influx of capital will enable Indifi to broaden its lending portfolio, invest in technology, and bolster its talent pool. The primary goal is to reach more SMBs across India and provide them with affordable credit options.
Indifi’s Background and Success
Established in 2011 by Rahul Garg, who serves as the company’s CEO, Indifi has already disbursed over $500 million in loans to more than 100,000 SMBs. The lending platform utilizes advanced technology to evaluate the creditworthiness of SMBs and extend loans at competitive interest rates.
Catering to the Growing Demand for Credit
Indifi’s remarkable growth is driven by the increasing demand for credit among SMBs in India. With over 60 million SMBs contributing over 40% of the country’s GDP, this sector represents a substantial and expanding market. However, traditional banks have been reluctant to lend to SMBs due to perceived risks. This creates a significant underserved segment in need of accessible financing options.
Indifi’s Technology-driven Approach
Indifi addresses this gap by leveraging technology to offer SMBs access to affordable credit. By utilizing various data sources, including financial statements, tax returns, and social media activity, Indifi assesses the creditworthiness of SMBs. This innovative approach allows the company to extend loans to SMBs that would typically be turned away by traditional banks.
Investor Confidence in the Indian SMB Market
Indifi’s success and growth potential have attracted the attention of investors who recognize the long-term prospects of the Indian SMB market. The Series E funding round serves as a vote of confidence in Indifi’s business model and its capacity to scale its operations.
Conclusion
Indifi Technologies’ recent achievement of raising $35 million in Series E funding underscores its commitment to serving SMBs in India. The company’s innovative lending platform, powered by technology-driven assessments, addresses the credit needs of underserved SMBs. With the support of investors, Indifi is well-positioned to expand its reach and contribute to the growth and development of the Indian SMB sector.
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