Gurgaon-based fintech startup Indifi Technologies Pvt Ltd, a start-up that helps small businesses secure loans has raised $10 million in a Series B funding led by Omidyar Network, while existing investors Accel Partners and Elevar Equity participated in the round.


Indifi will use the proceeds from the fund raising to scale its technology platform, expand the workforce, create new loan products and invest in partnerships with data vendors. It has tied up with a number of financial institutions such as Edelweiss, India Infoline and Capital First, which provide credit financing to micro, small and medium enterprises. Indifi said it takes a segment-specific approach and lending products in any given segment are tightly integrated with the business cash flows and transactional linkages in that segment.

Indifi was co-founded by Alok Mittal, former head of Canaan Partners India, while Omidyar Network is the philanthropic investment firm founded by eBay founder Pierre Omidyar and his wife, Pam.

Currently, the company has loan products in six industry segments namely travel bookings, hotels, transportation, retail, e-commerce and manufacturing. It expects to add more segments going forward.Average ticket size of loans range between Rs50,000 and Rs50 lakh.

According to Mittal, the year-old company has so far dispersed over 1,000 loans worth Rs50 crore. It charges a fee from the lender which is received in parts throughout the life of the loan. Loan amounts vary between Rs 1 lakh and Rs 40 lakh, but according to Mittal, the Indifi platform can also enable larger-sized loans, depending on the comfort factor of the lender. Interest rates currently range between 16% and 22% on an annualised basis.

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.

In similar space, last month, Lendingkart acqui-hired KountMoney, an online lending marketplace for personal loans for its data analytics and technology capabilities. Lendingkart has raised a total ~ $41 million so far and has deals with CCAvenue, Paytm, Craftsvilla and Flipkart.

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Ankur Chandra

A software engineer by education, Ankur is go-getter, who leaves no stones unturned to find a solution to a problem. He is passionate about technology and automobiles. And, is a big foodie at heart. Watching cartoons is his favourite off-field indulgence. At KnowStartup, he is an integral part of the editorial team.

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