Accel-backed lending platform Indifi Technologies Pvt Ltd, on Tuesday announced that it has acquired a minority stake in Intellifi Technologies Pvt. Ltd, which operates B2B (business-to-business) service platform BizeeBuy, for an undisclosed sum.
The Gurugram-based fintech firm’s strategic investment would help strengthen its tech-based offerings to its customers which are largely small and medium enterprises (SMEs). On the other hand, Indifi’s integration into BizeeBuy’s platform will let the latter’s customers get access to credit services.
Moreover, BizeeBuy, which services direct-to-consumer (D2C) brands, will utilize the funds for product development and expand its market outreach. The company runs a software-as-a-service (SaaS) platform helping businesses with internal process controls, e-procurement, inventory management, and vendor collaboration. It facilitates B2B companies in the D2C and contract manufacturing space, with a focus on mid-market businesses.
“The critical problems that BizeeBuy seeks to solve are pervasive across segments of the MSME sector, yet the solutions are not readily available. Joining forces with BizeeBuy was an easy decision considering their robust system and product,” said Alok Mittal, co-founder and chief executive officer at Indifi.
Founded in 2015, Indifi operates an online lending platform that offers business loans to SMEs, and MSMEs that have limited access to credit from traditional financial institutions.
The company claims that it has enabled companies from sectors such as hospitality, travel, e-commerce, trading and retail businesses, it said. It claims to have disbursed over 55,000 loans across 650 cities, to date.
The small business-focused digital lender last raised Rs 340 crore in a mix of equity and debt financing in November last year, as a part of its Series D fundraising. CX Partners, and OP Finnfund Global Impact Fund I led the equity funding round, which also saw participation from the CDC Group, the UK’s development finance institution, Accel, Omidyar Network, Flourish Ventures, and Elevar Equity. It also counts British International Investment and Finnfund as its investors.
In the MSME lending tech space, Indifi pits against the likes of Lendingkart, AyeFinance, Kredx and Flexiloans, among others.
Indifi, in April, also appointed Rajnish Kumar, former chairman at State Bank of India, as an adviser for the company’s growth strategy and for guidance across the financial services domain. Kumar is also the current chairman of another fintech company, BharatPe.
