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Indifi Technologies raises $10M to expand products & tech

loans

Indifi Technologies 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. The Gurgaon based MSME financing company will use the funds on its products and technology.

Indifi will also use the funds for its financing travel, ecommerce, retail and hotel segments which it branched into. This will include adding products, customer experience tweaks and working on its data and credit models.

Indifi was launched last October by Alok Mittal (CEO), former India chief of Canaan Partners, along with Siddharth Mahanot (COO) and Sundeep Sahi (CTO). At the time, it got investments from Pramod Bhasin and Rajan Anandan and was focused on travel, transport and retail segments for financing. It charges a fee for services like marketing, data collection and analysis, and on-ground documentation and verification to lenders. Disbursals of loans range from Rs 5 – 50 lakh.

Note that online cab aggregator Ola has a partnership with Indifi along with other companies where it offers its drivers personal loans and vehicle insurance.

Developments in the online lending space:

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– 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.
– In the same month, BankBazaar tied up with Truecaller to let Bankbazaar users sign up with Truecaller instead of Facebook or Google. In July last year, BankBazaar raised $60 million in funding led by Amazon.
– In September, Tolexo, an online B2B marketplace for business goods, tied up with Arthashastra FinTech to provide credit buying features to merchants to buy inventory and get interest free credit for a period of 7-23 days.
– In August, Mumbai-based Fintech startup LoanTap raised $3 million in a Series A round of funding from HNIs for lending, upgrading the company’s technology platform and expanding operations.
– In July, Deal4loans raised $15 million. Deal4loans aggregates, markets and facilitates the sale of loan products and credit offerings from banks and financial institutions.
– In May, Capital Float raised $25 million in a series B round of funding.
– In April CreditMantri raised Series A funding worth $2.5 million.

Written By

I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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