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 790 million INR ($8.3 million) 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 290 million INR, BII will put in 270 million INR, and Accel India and Mittal will contribute 140 million INR and 90 million INR, 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 181.36 INR 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 141,800 million INR ($165 million) — flat from its Series E. In FY25, operating revenue grew 22.4% to 3,600 million INR from 2,942.4 million INR, but losses widened 64% to 450.4 million INR.
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
