India: Ex-Canaan Partners exec Alok Mittal floats tech startup Indifi Technologies

Alok Mittal, founder, Indifi Technologies.

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.

 

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.