[TechCrunch] Indifi raises $35M to expand digital lending to more small businesses

Indifi Technologies, an Indian startup offering digital lending to small and medium businesses, has raised $35 million in a new funding round led by ICICI Venture, the investment arm of ICICI Bank.

Existing investors, including British International Investment, OP Finnfund Global Impact Fund I, Omidyar Network India, Flourish Ventures and CX Partners also participated in the all-equity Series E round for the eight-year-old startup.

India is home to 63 million micro, small and medium-sized businesses. These enterprises form the economic backbone of the nation, contributing over 30% to the country’s gross domestic product and providing employment to over 113 million individuals. Despite their crucial role in the economy, these businesses continue to grapple with a significant obstacle — access to credit. The Reserve Bank of India’s Expert Committee shed light on this issue in its December 2018 report, estimating an alarming credit gap ranging from $243 billion to $303 billion (20–25 lakh crore Indian rupees) for the MSME sector.

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