Indifi Technologies bags ₹35-cr debt funding from IndusInd Bank
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Indifi Technologies, a Gurugram-based online lending platform for small businesses, has secured ₹35 crore in debt financing from IndusInd Bank Ltd, with a guarantee from US International Development Finance Corporation (DFC).
These funds were from IndusInd Bank’s impact investing group to Riviera Investors Private Ltd, which is Indifi’s in-house NBFC arm. These funds will be used for onward lending to small businesses to accelerate post-Covid-19 economic recovery, the company said in a statement.
“The guarantee from DFC eliminates foreign exchange rate fluctuation risk from the balance sheet of Riviera and it has become an important tool to mobilise debt funding for impact space companies. We have done $30 million of DFC’s guarantee-backed transactions till date, out of which $25 million has been done in FY21,” Roopa Satish, Head-Corporate & Investment Banking, CSR & Sustainable Banking at IndusInd Bank, said.
Indifi has disbursed more than 30,000 loans across over 12 industries since inception through a network of 20 lenders and 80 partners. Recently, Indifi forayed into the pharmaceutical segment and will be extending its credit line solution to retailers — especially pharma distributors and local chemists — for managing their working capital needs and cash flows.
“Indifi deploys a unique and innovative approach to improve access to finance for small businesses, which are an important engine for economic growth in the Indian economy. Indifi’s support is especially important for India’s small businesses as they weather the effects of the Covid-19 pandemic and recover from its effects,” Loren Rodwin, Managing Director of Social Enterprise Finance in DFC’s Office of Development Credit, said.
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