Indifi Technologies, a digital lending platform in India, has raised Rs 290 crore in its Series E funding round. ICICI Venture led the round along with participation from existing investors like British International Investment, OP Finnfund Global Impact Fund I, Omidyar Network India, Flourish Ventures and CX Partners. 

The company will utilise the newly-infused capital to propel its growth. Additionally, it will focus on expanding its current operation and strengthening its market presence. The company will also work on developing new products to serve the underserved segments of the MSME sector. 

Prior to this, the start-up bagged investment in its Series D funding round in November 2021 from investors like CX Partners, and OP Finnfund Global Impact Fund I. 

The Gurgaon-based company has claimed to disburse over 73,000 loans across 400 cities. The total disbursement value amounts to Rs 4,100 crore. 

Addressing the latest development, Alok Mittal, MD and CEO of Indifi Technologies said, “This investment not only fuels our journey but also showcases the trust and endorsement of leading investors in the ecosystem. As an organisation, our commitment has been unwavering when it comes to marrying technology with ground-level understanding to create positive outcomes for MSMEs across India. We are thankful to ICICI Ventures and our other investors for sharing this belief and their continued vote of confidence in our endeavours.”

Speaking on behalf of ICICI Venture on the investment, Nikhil Mohta, Senior Director, Private Equity said “Alok and Siddharth have built a strong management team at Indifi, with a deep understanding of the Indian MSME space. Indifi has created a best-in-class digital technology platform for lending to the large MSME sector, enabling access to credit for this highly underserved segment of the Indian economy. Indifi’s strong relationships with ecosystem partners and liability partners stand in good stead as it targets a rapid scale-up. The robust governance and risk frameworks of the company inspire confidence and we are excited to partner with Indifi in its onward journey.”