Indifi Technologies has raised $10m in a new round of funding led by Omidyar Network.
The New Delhi-based company aims to help micro, small and medium-sized enterprises (MSMEs) to secure loans.
Omidyar Network is the philanthropic investment firm of eBay founder Pierre Omidyar and his wife, Pam.
The firm invested about half of the total round with Accel Partners and Elevar Equity contributing the rest.
Launched last year, after having raised an undisclosed seed round, Indifi specifically serves companies in e-commerce, travel, hospitality, retail and trading.
It focuses on bringing data and analytics into the decision making process and is partnered with financial institutions including Edelweiss, India Infoline and Capital First to provide capital to MSMEs.
Omidyar Network director of investment Smita Aggarwal said, ““In the MSME segment, which is a very large segment in India, there exists a huge credit gap.
“There are five crore MSMEs in India and it is estimated that the credit gap to these MSMEs is about Rs25 lakh crore. So we are talking about a really large addressable market.”
Indifi will use the capital to scale its technology platform, hire more staff, develop new loan products and invest in deals with data vendors.
Copyright © 2016 FINTECH GLOBAL
