Indifi lines up $8.3M Series F led by ICICI Venture at flat $165M valuation
What's the deal? Digital lending platform Indifi Technologies is set to raise US$10.7M in a Series F round led by ICICI VentureDealroom has a profile for this one. Try Dealroom →, with participation from British International Investment (BII), Accel India, and investor Parul Alok Mittal.
Where's the money going? Through its India Advantage Fund, ICICI Venture will invest US$3.94M, BII will put in US$3.67M, and Accel India and Mittal will contribute US$1.9M and US$1.22M, respectively. The company may raise more in the round.
Why now? This is the Gurugram-based firm's first raise in three years, following a $35 million Series E in June 2023 that was also led by ICICI Venture. The board has approved issuing 4,355,975 compulsory convertible preference shares at US$2.46 each.
What's the endgame? Founded in 2015 by Alok Mittal and Siddharth Mahanot, Indifi provides technology-driven unsecured business loans to small and medium enterprises. It has disbursed more than 150,000 loans across over 400 cities through partnerships with 80-plus lending institutions.
By the numbers: The round values Indifi at roughly US$1.93B — flat from its Series E. In FY25, operating revenue grew 22.4% to US$48.9M from US$40M, but losses widened 64% to US$6.12M.
Proceeds will fund business expansion, infrastructure, capital expenditure, working capital, debt repayment, and general corporate purposes. After the allotment, BII stays the largest external shareholder at 17.10%, followed by India Advantage Fund S5 I at 15.33% and Accel India at 10.94%.
The signal: A flat valuation on a quick re-raise, alongside widening losses, points to a lender prioritising capital access over aggressive markups — a cautious posture that reflects tighter conditions across India's SME lending sector.
Read more: Entrackr
