Gurugram-based Indifi Technologies, which funds SMEs in India, has raised $10 million in a fresh round of funding, led by Omidyar Network. Existing investors Accel Partners and Elevar Equity also participated in the round.
The startup will use the funds to scale its technology platform, expand workforce, create new loan products and invest in partnerships with data vendors.
Started in 2015 by Alok Mittal, former head of Canaan Partners India, Siddharth Mahanot, formerly with Indiabulls Housing Finance, and Sundeep Sahi, who earlier worked with BSB Portal, Indifi extends loans to segments who find it difficult to access loans from formal lending institutions.
Currently, the company provides loans to six industry segments, which include travel bookings, hotels, transportation, retail, e-commerce and manufacturing. It expects to add more segments in the future. The average size of the loan range between Rs 50,000 and Rs 50 lakh.