“Can a data-driven lending marketplace plus in-house NBFC become the default credit rail for India's 63M MSMEs that banks ignore?”
Founded 2015 as a data-driven SMB lending marketplace in India — gathering business data from ecosystem partners (marketplaces, payment networks, software platforms) to underwrite borrowers and route applications to multiple NBFC/bank lenders. Over time, Indifi added its own NBFC (Indifi Capital Pvt Ltd, formerly Riviera Investors) to lend directly off its balance sheet, evolving from pure marketplace to hybrid marketplace + in-house lender. Recent product expansion into Indifi Pay (B2B credit-line for vendor payments) signals a move toward embedded supply-chain finance and working capital workflows beyond term loans.
Indifi processes payments through Indifi Pay (self-operated).
Indifi's lending and capital products are provided by Indifi Capital Private Limited (in-house).
The Embedded Finance Index 2026 maps 2 layers in Indifi's stack: Payments / PSP (Indifi Pay (self-operated)); Lending (Indifi Capital Private Limited (in-house), Business Loan (unsecured, up to INR 1-2 Cr), MSME Loan, Term Loan and 8 others).
Indifi was founded by Alok Mittal and is founded in 2015, headquartered in Gurugram, Haryana, India.
Indifi has raised ~$100M+ (equity + debt) in total (latest round: Series E, 2023).
Get a read on where your own stack stands against Indifi and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.