Omidyar leads $10m Series B for India's Indifi

Existing investors Accel Partners and Elevar Equity also participated, after leading the start-up's undisclosed Series A round last September. Indifi will use proceeds from the Series B round to expand its technology platform and work force, create new loan products and strengthen relationships with its data providers.

Indifi partners with non-banking finance companies (NBFCs) and banks to provide unsecured loans to micro, small and medium-size enterprises (MSMEs) in the travel, hotel, e-commerce and retail industries. The start-up collects and analyzes data on these industries to help lenders assess the creditworthiness of applicants.

Since its founding last year by Alok Mittal, a serial entrepreneur and former head of India operations for early stage investor Canaan Partners, Indifi claims to have provided INR500 million across more than 1,000 loans. Ticket sizes for its loans typically fall between INR50,000 and INR5 million. The company charges a fee to lenders which they can pay in instalments over the life of the loan.

Omidyar has supported a number of players in India's financial services space, focusing on companies that seek to raise financial inclusion in the country. This year it has participated in a INR1.34 billion round for NBFC and venture debt lender Intellegrow Finance and in a INR930 million round for education-focused NBFC Varthana.

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• Topics
• South Asia
• Financials
• Early-stage
• India
• Accel Partners
• Financial Services
• Venture