Small business-focused digital lender Indifi Technologies Pvt Ltd has doubled its assets under management (AUM) to over Rs 1,500 crore in the financial year (FY) 2023, the company said in a statement on Monday.
Indifi, which counts British International Investment (BII), Accel, Omidyar Network, CX Partners and Elevar Equity as among its investors, turned profitable in FY22. The Gurugram-based company claims to have maintained its profitability throughout FY23, but didn’t disclose the financial details further.
“Going ahead, we aim to double up our AUM again over the course of FY24, while launching new initiatives in the longer term. Additionally, we aim to increase partnerships, on the demand and supply side,” said Aditya Harkauli, chief business officer, Indifi Technologies.
Founded in 2015, Indifi operates an online lending platform that offers business loans to small and medium enterprises (SMEs), and micro, small and medium enterprises (MSMEs) that have limited access to credit from traditional financial institutions.
The company claims to have enabled companies from sectors such as hospitality, travel, e-commerce, trading and retail businesses. The company claims to have disbursed more than 68,000 loans across 400 cities, to date.
In 2021, Indifi raised $45 million in a mix of equity and debt financing, as a part of its Series D funding round. CX Partners and OP Finnfund Global Impact Fund I led the equity funding round.
The round also saw participation from the British International Investment (BII), the UK’s development finance institution, Accel, Omidyar Network, Flourish Ventures, and Elevar Equity.
In the MSME lending tech space, Indifi pits against the likes of Lendingkart, AyeFinance, Kredx and Flexiloans, among others.
Last year, the digital lender acquired a minority stake in Intellifi Technologies Pvt. Ltd, which operates business-to-business service platform BizeeBuy, for an undisclosed sum.
