“Like all fintech startups, we were also hit by the NBFC crisis, and are the first small and medium business fintech lender to raise external funding in the past year,” said Alok Mittal, co-founder and chief executive, Indifi.
Significantly, the funding has come at a moment when domestic lenders have been bogged down by a severe liquidity crunch.
It provides term loan, line of credit, invoice discounting, and merchant cash advance services to small businesses in categories such as travel, hotel, ecommerce, restaurant, trading, and retail. It currently has ₹300 crore of assets under management.
“We plan to use the funds raised to increase the share of the marketplace mode, which currently contributes about half of our business. We will also look to lend to newer sectors, such as trucking and logistics, where growth capital is needed,” Mittal further said.