Indian fintech firm Indifi Technologies raises $10M in Series B funding

Data-driven Indian fintech startup Indifi Technologies announced that it has raised $10 million in a funding round that was led by Omidyar Network, which is a self-styled philanthropic investment firm, as reported by EconomicTimes.

The fintech company raised $5 million in the Series-B round from Omidyar Network and also saw undisclosed sum from other participants of existing backers, Accel Partners, and Elevar Equity.

“Bulk of the capital that we are raising now will go towards product development, making the customer experience more seamless, improving on our technology stack, and building depth in the industry verticals we are going after. We expect to have three banks live on the platform shortly,” Alok Mittal, co-founder of Indifi, told EconomicTimes.

Indifi was launched last year and focuses on the vastly underserved micro, small and medium enterprises segment. It has tied up with a number of financial institutions such as Edelweiss, India Infoline and Capital First, which provide credit financing to MSMEs. The company also provides a financing platform to ventures operating in the travel, hotels, e-commerce and retail segments.