ImpactAlpha, July 30 –Only 5% of India’s nearly 50 million micro and small businesses have access to formal financial services. Gurgaon-based Indifi Technologies offers loans to restaurants and other small businesses in retail, hospitality and travel.
Since launching in 2015, the company has originated 15,000 loans to customers in 200 Indian cities. The financial services company’s products include quick-approval term loans and an invoice line of credit to help businesses manage cash flow.
Indifi secured early backing from impact investors Elevar and Omidyar Nework, which re-upped in the latest round. “Reducing the high cost of assessment and verification for lenders can help millions of borrowers gain access to credit they need to invest in their future,” Omidyar wrote of the investment at the time.
Indifi’s new equity financing was led by U.K. development finance institution CDC Group, and included Accel and another new investor.