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Indifi

“Can a data-driven lending marketplace plus in-house NBFC become the default credit rail for India's 63M MSMEs that banks ignore?”

Founded2015
HQGurugram, Haryana, India
FoundersAlok Mittal
Total raised~$100M+ (equity + debt)
Latest roundSeries E, 2023
IndustryFintech / Lending
The story

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.

Last 12 months
—
Product timeline
0
Launched Indifi Pay — a credit line product for B2B supplier/vendor payments with up to 60-day credit period.· lending
2015
Founded as a tech-enabled SMB lending marketplace connecting borrowers with NBFC/bank lenders.· banking
2019
Raised $21M Series C led by CDC Group to expand lending platform.· lending
2022
Partnered with Google Pay to offer instant digital credit to GPay's 10M+ merchants.· lending
2023
Raised $35M Series E led by ICICI Venture; expanded in-house NBFC lending via Indifi Capital.· lending
Regulated entities
1
regulatory licence held by Indifi
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
2 layers disclosed in Indifi’s embedded-finance stack
Payments / PSP
Indifi Pay (self-operated)
Lending
in the full report
Accounting gap: minor
12 more providers across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.