By Kevin McSpadden for e27
Indifi Technologies, a Gurgaon-based fintech startup that leverages technology to simplify the small business loan process, announced today it has raised a US$10 million Series B led by Omidyar Network.
Previous investors Accel Partners and Elevar Equity also participated in the round.
The money will be used to develop its product and technology.
“Through our current roadmap, we have validated our vertical approach to financing and are now present across travel, e-commerce, retail, and hotel segments. The capital raised in this series will be targeted toward improving our offerings in these verticals,” said Co-founder and CEO Alok Mittal in a statement.
Mittal explained the company will be expanding its product offerings, improving customer service features and enhancing data and credit models.
Smita Aggarwal, the Director of Investments at Omidyar Network said the organisation invested in Indifi Technologies because it had a unique business model that helped SMEs gain access to capital.
“Indifi’s unique platform combines smart data analytics and strategic partnerships with supply and distribution chain aggregators in a one-stop solution, revolutionising the way lenders reach and underwrite credit to MSMEs (micro, small and medium enterprises), while helping them grow and thrive,” he said.
Indifi uses a three-step process to facilitate the process. SMEs submit their documents electronically, after which they are connected to a lender and finally the loan is credited straight to the company’s account.
The company says that in the past months it has increased its lenders portfolio, offered more industry-specific credit designs and enhanced its data analytics tools.
Omidyar Network is an interesting investment partner. The company was started by eBay Founder Pierre Omidyar and is a firm with a philanthropic mission. The ethos of Omidyar is to leverage the capitalist market to improve the lives of people all across the world.
Its strategy is to invest its fund (over US$1 billion) in for-profit and non-profit companies and then encourage individual participation in ‘society building’ initiatives across sectors like education, financial inclusion, citizen engagement, and property rights.
For example, one of its more famous investees would be the Khan Academy — which provides free online courses in various academic subjects.
The local Southeast Asian startup community will recognise Kalibrr, a Philippines-based platform for connecting people with jobs in emerging markets.
In 1999, Mittal Co-founded JobsAhead.com, which was later acquired by Monster.com in 2004.
First appeared at e27