Originally appeared in BW Disrupt on December 13, 2016
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.