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6Aug By AdityaNo Comments

FUNDING

Indifi raises $21 million in Series C funding

Indifi Technologies, a Gurugram-based SME lending company raises $21 million in its series C funding round from the CDC Group, along with existing investors such as Accel India, Omidyar Network, Fair Finance Fund, and Elevar Equity, according to data sourced from the Registrar of Companies. Indifi was co-founded in 2015 by Alok Mittal and Siddharth Mahanot and is mostly engaged in lending to small and medium enterprises. The company works to digitize the lending processes of these small businesses. In 2016, it had closed its series B round when Omidyar Network led the process to invest $10 million in the company. As per details filed with the ROC, Indifi has received Rs 100 crore from the CDC Group, followed by 23 crores from Accel India, and Omidyar Network and Fair Finance Fund...

Ambit Finvest Buys Out SME Lending Unit of Finmax

The subsidiary of investment bank Ambit Group called Ambit Finvest has reportedly acquired Finmax Credit & Finance, a unit of fintech firm Finmax that finances small and medium enterprises. The details regarding the finances has not been disclosed yet. This acquisition is expected to give a significant direction and goal to Ambit Finvest’s strategy to diversify its asset base and create granularity in its lending portfolio. With the acquisition of an SME-focussed lending business, the company is looking to see its Rs 400 crore worth loan book get a strong boost. This deal will take the company’s asset base to Rs 600 crore. According to the agreement, Finmax’s team of 140 employees along with founder Sanjay Agarwal will join Ambit Finvest. After the implementation of the deal, ...

Yes Bank Gets Another $150 M From OPIC To Fund SME Lending

Private sector Yes Bank has received another round of USD 150 million funding from US government and Wells Fargo to fund SME lending. This is the third round of funding as part of arrangement between the Overseas Private Investment Corporation (OPIC) US government development finance institution and Wells Fargo, with the objective to increase lending to small and medium enterprises in India. OPIC will provide USD 75 million in financing to Yes Bank and up to USD 75 million as a syndicated financing from Wells Fargo Bank, a part of financial services provider Wells Fargo & Company. This is the third transaction between OPIC and Yes Bank and comes close on the heels of last years USD 265 million OPIC facility, which the bank will use to extend SME financing in India, Yes Bank sa...