Indian digital financial services company Indifi Technologies has raised around $45m (INR3.4bn) in a Series D equity and debt funding round.
The $18.67m (INR1.4bn) equity capital was raised from CX Partners, OP Finnfund Global Impact Fund I along with existing investors CDC Group, Omidyar Network, Flourish Ventures, Elevar Equity and Accel.
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Vivriti, Northern Arc, SIDBI, along with other lenders invested nearly $22m (INR1.65bn) in debt financing in the fintech.
US DFC (United States International Development Finance Corporation) will offer the remaining $4.67m (INR350m).
Indifi will use the proceeds for reaching more customers, technological advancements, product development and identifying more segments of micro, small and medium enterprises (MSMEs).
Its online platform provides personalised business loans to MSMEs with limited access to credit from traditional financial institutions.
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Indifi CEO and co-founder Alok Mittal said: “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.”
The fintech recently joined forces with technology giant Facebook to enable clients to digitally offer small ticket sized loans to MSME clients.
CX Partners managing director Manu Sahni said: “Indifi is filling a critical gap in the Indian lending landscape – to provide loans to small merchants and businesses using technology to bypass constraints of traditional MSME lending by relying on data and integrating with anchor digital ecosystems and financial institutions.”
