indifiIndian SME lending platform Indifi has raised $21 million in a series C funding round led by CDC Group, a development finance institution owned by the UK government.

Existing investors of the Indian start-up, which includes US-based venture capital firm Accel, social impact funds Elevar Equity, Omidyar Networks and venture fund Flourish Ventures also took part in the funding round.

“Its (CDC) backing will help Indifi access new local markets and verticalize further, increasing both coverage as well as offerings—which are among the prime areas where the platform plans to utilize the funds raised,” the companies said in a joint statement on Tuesday.

“The funds raised will be used to diversify into new verticals, develop technology and data infrastructure for future growth, and expand our service offerings to our customers,” said Indifi Technologies co-founder and MD Alok Mittal.

“Indifi is committed to facilitating access to credit for the 65 million Indian MSMEs, and CDC’s expertise and network will help us build a robust and responsible business,” Mittal added.

Srini Nagarajan, Managing Director and Head of Asia at CDC Group said, “backing India’s leading SME lending platform fits in well with CDC’s core strategy to improve people’s lives. Our investment will support Indifi to increase its SME lending multifold over the next five years, including customers that are harder to reach and otherwise wouldn’t have access to growth finance.”

Indifi Technologies is a Gurgaon-based platform for enabling debt-financing for small businesses.

by Krishna V Kurup
Senior Market Analyst at IBS Intelligence