Digital lending platform Indifi is set to raise Rs 79 crore (around $8.3 million) in its first funding round in three years, led by ICICI Venture with participation from British International Investment (BII), Accel India, and Parul Alok Mittal.In June 2023, The Gurugram-based company had raised$35 millionin its Series E funding round led by ICICI Venture, with participation from existing investor British International Investment (BII) and others.The company's board has approved the issuance of 43,55,975 compulsory convertible preference shares (CCPS) at an issue price of Rs 181.36 each to raise the capital, according to its regulatory filings accessed by Entrackr. ICICI Venture, through its India Advantage Fund, will invest Rs 29 crore in the round. British International Investment (BII) will invest Rs 27 crore, while Accel India and Parul Alok Mittal will contribute Rs 14 crore and Rs 9 crore, respectively. According to Entrackr's estimates, the company will be valued at Rs 1,418 crore, flat from its Series E round. The company plans to utilize the fresh proceeds for business expansion, infrastructure development, capital expenditure, working capital requirements, debt repayment, and general corporate purposes. The company may raise more capital in this round. Founded in 2015 by Alok Mittal and Siddharth Mahanot, Indifi provides technology-driven unsecured business loans to small and medium enterprises (SMEs). The platform has disbursed more than 1.5 lakh loans across more than 400 cities through partnerships with over 80 lending institutions. Following the allotment, British International Investment (BII) will remain the largest external shareholder with a 17.10% stake, followed by India Advantage Fund S5 I with 15.33%. Accel India IV (Mauritius) Limited will hold 10.94%, while Parul Alok Mittal will own a 1.56% stake in the company on a fully diluted basis.The company is yet to file its financial statements for FY26.In FY25, Indifi's operating revenue grew 22.4% to Rs 360 crore from Rs 294.24 crore in FY24. However, its losses widened 64% to Rs 45.04 crore from Rs 27.46 crore during the same period. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
