Alok Mittal, the former India head of venture capital firm Canaan Partners, is launching Indifi Technologies, a technology startup that will enable the country’s micro and small enterprises to gain greater access to capital, said a report in The Economic Times.
Indifi Technologies, which is expected to be formally launched on Wednesday, will mark the return of Mittal to entrepreneurship more than a decade after his e-recruitment venture JobsAhead was acquired by Monster.com.
This is also Mittal’s first venture since leaving Canaan Partners.
Siddharth Mahanot also joins Mittal as a co-founder and chief operating officer at Indifi. Mahanot has previously worked with Indiabulls Housing Finance, Edelweiss Financial Services and Citibank. Besides, Sundeep Sahi has also come on board as a co-founder and chief technology officer, the report said. Prior to co-founding Indifi, Sahi was working with mobile internet company IgniteWorld.
Mittal is the latest to join the fray of high-profile executives who are leaving their cushioned jobs to launch their own startups.
Swaminathan Seetharaman, a vice-president with taxi-hailing platform Ola, quit some time ago and teamed up with former colleagues Ganesh Subramanian and Nitin Agarwal to launch on-demand services marketplace Pianta. Earlier this month, HomeShop18‘s former CEO Sundeep Malhotra co-founded a new online venture Renomania that connects users with professionals for home renovation, house building and interior designs. Arun Chandra Mohan, co-founder and CEO of Rocket Internet-incubated Indian fashion and lifestyle venture Jabong, too has quit the portal to start a new venture.
Mittal’s Indifi will, however, play in the debt financing space. The startup has already tied up with three organisations, including a travel and ticketing platform, a cab aggregator and an ecommerce company, the report said.
It has also signed up with a few lenders, will layer its technology with that of its partners, similar to that created by Chinese e-commerce giant TheAlibaba Group, which has also integrated its lending platforms with its e-commerce sites.