Siddharth Mahanot, co-founder of Indifi, which counts private equity firm ICICI Venture and venture capital firm Accel as investors, has stepped down from his executive role at the fintech company with effect from 30 September, 2024.
“Although I am stepping away from day-to-day operations, I will continue to be involved as a shareholder and will maintain my board responsibilities,” Mahanot posted on LinkedIn. “As for my next steps, I’m currently considering my options and will share more in due time.”
The Indifi group comprises technology platform Indifi Technologies and non-banking finance subsidiary Indifi Capital. It had assets under management of Rs 2,178 crore as on March 31. Indifi Technologies started in 2015 as a marketplace. Its lending arm Indifi Capital began operations in 2017.
Indifi Capital follows a branchless strategy, with most of the operations from sourcing to evaluation happening digitally. The company competes against a host of SME-focussed fintech lenders like LendingKart, FlexiLoans, and Progcap among others.
To date, Indifi has raised about Rs 680 crore of equity capital since its inception from investors such as Accel, British International Investment, Elevar Equity, CX Partners, Flourish Ventures, ICICI Venture, and Omidyar Network.
Its most recent fundraising was in June 2023, when it raised Rs 290 crore crore from ICICI Venture, Omidyar, BII, and others in a Series E round. After the round, Indifi appointed Sangram Singh as its CEO, VCCircle reported at a time. Singh previously served as the chief executive of Axis Bank's subsidiary and digital payments app Freecharge.