India: Indifi Technologies raises $46m from CX Partners, CDC, others

Photo: Reuters

Gurugram based digital financial services company Indifi Technologies has raised about $46 million (Rs 340 crore) in a mix of debt and equity funding, it announced on Wednesday.

CX Partners and OP Finnfund Global Impact Fund I (the first Finnish global emerging markets impact fund) along with existing investors CDC Group, the UK’s development finance institution, Omidyar Network, Flourish Ventures, Elevar Equity and Accel, have invested Rs140 crore in the form of equity in Indifi’s Series D round, the startup said in a statement.

Indifi has also secured Rs165 crore in debt financing from Vivriti, Northern Arc, SIDBI, along with other lenders. Additionally, United States International Development Finance Corporation has guaranteed Rs. 35 crore of funding to the Indian startup.

The latest infusion round brings Indifi’s total equity fund raise to date at Rs 350 crore. Indifi is also in advance conversation with select Global Funds for participation in the Series D raise, the statement added.

The funds raised will be used for serving more customers, identifying additional segments of MSMEs, and towards technology and product development.

“Although India is home to numerous MSMEs, most of them lack access to funding. At Indifi, we address this problem by working closely with more than 100 data partners and a few top financial institutions, providing easily accessible loans digitally, and helping businesses grow in their journey. For example, our recent collaboration with Facebook digitally enables MSME players to avail small ticket sized loans to grow their businesses,” said Alok Mittal, CEO & Co-founder, Indifi.

Indifi operates an online lending platform that offers business loans to micro, small and medium enterprises (MSMEs) that have limited access to credit from financial institutions. The company also claims to offer tailored loans for travel, hotel, e-commerce, restaurant, trading, and retail businesses.

CDC Group had also led the $21-million Series C round for Indifi Technologies in August 2019.

Haitong India acted as an exclusive advisor to Indifi Technologies on this transaction.

Shardul Amarchand Mangaldas & Co, Quillon Partners and Cyril Amarchand Mangaldas were the Legal advisors to Indifi, CX Partners and Finnfund, respectively.

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.

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.