SME lender Indifi said to raise $21.31m in a Series C

Indifi, an online lending business based in India, has reportedly collected $21.31m in a Series C led by CDC Group.

As part of the deal, CDC invested a total of $14.71m into the lending startup in return for 71 million Series C shares, a report from PYMNTS claims. Other backers to the round included Omidyar Network, Far Finance Fund, Accel India Ventures, and Elevar Equity which invested $1.53m, $1.53m, $3.41m and $143,000, respectively.

Proceeds from the round are being used to support the expansion of the platform, as well as the development of its infrastructure and working capital requirements, it said.

The FinTech platform offers quick access to businesses across the travel, hospitality, retail, e-commerce, and trading spaces. Loans can be taken out for working capital, credit cash flows, invoice payments, and POS loans.

A business can take out a loan of up to $72,000 within 24 hours to support their business needs.

Last year, CDC Group participated in the Series B round of Veritas Finance which provides micro and small businesses in India short-term loans. The company offers loans which support a business with expansion, working capital, and the purchase of stock/assets.

Earlier in the month, SME lending platform Drip Capital closed its own Series B round on $25m. The India-based lender uses electronic data and software to underwrite and finance cross-border transactions.

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