Digital lending platform Indifi Technologies, which raised Series E funding from private equity firm ICICI Venture earlier this year, said Monday it has appointed Sangram Singh as the company’s chief executive officer.
In his new role at Indifi, Singh will lead the expansion of the core Indifi franchise, taking direct charge of critical functions such as product, distribution, partnerships, technology, risk and treasury, the company said in a statement.
Prior to this, Singh was president of the commercial banking coverage group at Axis Bank. He was also the managing director and CEO at fintech firm Freecharge. He has previously worked at Citibank and GE Capital India.
Singh also had a prior stint at Indifi as the president of the company, from August 2019 to September 2020. “His return reflects his profound conviction in Indifi's business model and a shared commitment to the company's culture and values,” said Indifi co-founder Siddharth Mahanot.
Indifi also said co-founder and former CEO Alok Mittal will continue to serve in his executive role as managing director along with Mahanot. They will focus on the creation and scaling of innovative product offerings, especially in secured lending and transaction-based financing.
“The strategic move to bring Sangram on board aims to capitalise on the compelling opportunity for scaling Indifi's core business and introducing innovative credit products,” said Mittal.
Indifi was founded by Mittal and Mahanot in 2015. The company provides digital lending to small and medium businesses. The company last raised $35 million in June from ICICI Venture and existing investors British International Investment, OP Finnfund Global Impact Fund I, Omidyar Network India, Flourish Ventures and CX Partners.
Gurugram-based Indifi said that, over the past eight years, it has expanded its offerings to ensure all businesses can access formal finance. To date, the company has disbursed over 96,000 loans in more than 400 cities, amounting to a total disbursement value of over Rs 5,100 crore.
