Gurgaon based fintech startup, Indifi, has raised Rs. 66.5 crores investment in a fresh round of funding from Omidyar Network. Omidyar Network is the philanthropic investment firm founded by eBay founder, Pierre Omidyar and his wife, Pam. Gurgaon – based Indifi was founded by Alok Mittal, former head of Canaan Partners India. Indifi has secured that amount of investment from Omidyar Network, Accel Partners and Elevar Equity in Series B round of funding. Read more on Investments
“In the last few years, India has catapulted itself into the forefront of fintech innovation”, said Smita Aggarwal, director of investments at Omidyar Network.
“The macro environment is great for financial services. Within this broad spectrum of financial services, MSMEs are a very un – deserved market. On all these counts what Indifi is doing is very innovative and exciting”, Smita Aggarwal added.
“Bulk of the capital that we are raising now will go towards product development, making the customer experience more seamless, improving on our technology stack and building depth in the industry verticals we are going after. We expect to have three banks live on the platform shortly”, Alok Mittal said.
Indifi’s fully owned subsidiary, Rivera, is a non – banking, licensed, financial service. It provides loans to ventures operating in the travel, hotels, e – commerce and retail segments. It primarily funds startups in the above mentioned segments, which do not have any access to unsecured funding.
“The ethos of the company is that our balance sheet should be as small as possible. It is also important that our lenders do not see us as competition. We are experimenting with at least four more sectors”, Alok Mittal said.
Indifi offers loans to startups, in the mentioned sectors, in the range of Rs. 1 lakh to Rs. 40 lakhs, but can increase the loan amount upto Rs. 1 crore, depending on how confident the company is about the startup being able to repay the loan. Interest rates currently range between 16% and 22% on an annualized basis. “We have disbursed loans in excess of Rs. 50 lakhs. Our whole focus has been in going to the under – served small businesses and figuring out ways of lending to them. Now, we want to push the pedal in sling up those verticals”, Alok Mittal said. Read more on Startup News