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Indifi Technologies raises $21 million in series C funding round

Originally appeared in The Economic Times on July 27, 2019

Indifi Technologies, a Gurugram-based new-age lending company, has raised Rs 145 crore ($21 million) in its series C funding round from the CDC Group, along with existing investors such as Accel India, Omidyar Network, Fair Finance Fund and Elevar Equity, according to data sourced from the Registrar of Companies.

Indifi was co-founded in 2015 by Alok Mittal and Siddharth Mahanot and is mostly engaged in lending to small and medium enterprises. The company works to digitize the lending processes of these small businesses.

In 2016, it had closed its series B round when Omidyar Network led the process to invest $10 million in the company.

As per details filed with the ROC, Indifi has received Rs 100 crore from the CDC Group, followed by 23 crore from Accel India, and Omidyar Network and Fair Finance Fund putting in Rs 10 crore each.

The digital lending space has been facing stress as the overall liquidity situation in the shadow banking sector has been under stress, but a few of the breakaway ones have been able to raise quality funding. Bengaluru-based Zest Money raised $20 million in its Series B recently. Traditional lender Five Star Finance recently closed a $50million round.