Gurugaon based digital lending startup Indifi has confirmed securing $20.4 million in the latest funding as part of Series C financing led by UK government-owned VC fund CDC Ventures. The round saw participation from the existing backers Accel, Elevar Equity, Omidyar Networks and Flourish Ventures as well.
Prior to this round, Indifi had raised $10 million in Series B round, which was led by Omidyar Network, an investment firm founded by eBay founder Pierre Omidyar. The current infusion in the firm takes the total amount raised by the firm to $31.3 million.
The firm acts as a technology platform for the users who the company thinks are creditworthy. It then offers them loans based on their potential and intent. The platform accesses various data to figure out the eligibility before offering loans to anyone.
The platform was founded by Alok Mittal, Siddharth Mahanot and Sundeep Sahi. While Alok is an angel investor and former India chief at Canaan Partners, Malhotra has plenty of experience working in the banking domain. Sahi had headed product with mobile-internet joint venture of Bharti Enterprises and SoftBank Bharti SoftBank. Indifi counts big players like Oyo Rooms, MakeMyTrip, Flipkart, FirstData, Travel Booking and Riya Travel as their partners.
CDC Group’s Asia business head and managing director Srini Nagarajan commenting on the capital infusion said, “We chose to invest in Indifi because of its advanced data-driven approach that enables it to reach [thousands] of undeserved customers across India. By reducing the high cost of risk assessment and customer acquisition, Indifi helps formal and informal businesses to access growth finance that otherwise may not receive it."
Zest Money, Capital Float, Five Star Finance are a few of the competitors in the domain for Indifi. The current infusion of money will make things interesting for Indifi along with the other players.
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