New Delhi: Indifi Technologies Pvt Ltd, a digital lender focused on small businesses, has announced that its assets under management (AUM) have doubled to over Rs 1,500 crore in the financial year 2023. The company has claimed that it has remained profitable throughout FY23 after achieving profitability in FY22. The Gurugram-based firm aims to double its AUM again in FY24 while launching new initiatives in the longer term. Also, it plans to increase partnerships on the demand and supply side, according to Aditya Harkauli, Chief Business Officer of Indifi Technologies.
Indifi operates an online lending platform founded in 2015 that offers business loans to small and medium enterprises (SMEs), as well as micro, small, and medium enterprises (MSMEs) that have limited access to credit from traditional financial institutions. The company has enabled businesses from various sectors, such as trading, retail, hospitality, travel and e-commerce. To date, Indifi claims to have disbursed more than 68,000 loans across 400 cities.
In 2021, the digital lender raised $45 million in a mix of equity and debt financing as part of its Series D funding round. OP Finnfund Global Impact Fund I and CX Partners led the equity funding round, with participation from British International Investment (BII), Accel, Omidyar Network, Flourish Ventures, and Elevar Equity.
Indifi competes against other MSME lending techs firms such as Lendingkart, AyeFinance, Kredx, and Flexiloans. Last year, the digital lender acquired a minority stake in Intellifi Technologies Pvt. Ltd, which operates BizeeBuy, a business-to-business service platform, for an undisclosed sum.
The small business lending space has been growing steadily in India over the past few years, with more and more businesses looking for alternatives to traditional banks for financing. Digital lenders like Indifi have been able to tap into this demand by leveraging technology to streamline their operations and offer faster and more efficient lending solutions to small businesses. As the demand for credit continues to grow in India, digital lenders are likely to play an increasingly important role in providing financing to small businesses that would otherwise be unable to access credit.
