Indifi Technologies, an enabler of micro, small, and medium enterprises (MSME) financing, has raised USD 10 million in a Series B investment round led by philanthropic investment firm Omidyar Network, established by the founder of eBay, Pierre Omidyar.
Existing investors Accel Partners and Elevar Equity also participated in the round.
Indifi Technologies, while maintaining its focus on MSME businesses, intends to direct the investments towards furthering its products and technology, it said in a statement today.
“Through our current roadmap, we have validated our vertical approach to financing and are now present across travel, e-commerce, retail, and hotel segments. The capital raised in this series will be targeted toward improving our offerings in these verticals,” said Alok Mittal, CEO and co-founder of Indifi Technologies.
In the past several months, Indifi Technologies has expanded its lenders portfolio, increasing the offering of segment-specific product and credit design, and enhanced its proprietary data analytics to strengthen credit quality, it claimed.
The Gurugram-based startup aims to improve the experience for borrowers in terms of speed of approval and disbursement, convenience of the loan process, relevance of the loan product to their business needs, and finding the best rates in the market, the statement added.