Indifi Raises $21.32M Series C Round

Indian B2B lender Indifi raised a $21.32 million (Rs 145 crore) Series C round led by CDC Group.

After seeing the company’s latest RoC filings with Ministry of Corporate Affairs, Entrackr reported that existing investors Omidyar Network, Elevar Equity, and Accel India Ventures also participated in the round, while a new investor – Fair Finance Fund LLC — also came on board.

As part of the transaction, CDC Group received 71,08,870 Series C CCPS and 100 equity shares each at a price of Rs 140.67, adding up to an investment worth $14.71 million (Rs 100 crore) in Indifi. Omidyar and Fair Finance Fund each invested $1.53 million (Rs 10.39 crore) via 7,38,910 CCPS of same class each, Accel put in $3.41 million (Rs 23.22 crore) and Elevar contributed Rs 99.1 lakhs during this round.

Founded in 2015, Indifi provides term loan, line of credit, invoice discounting, and merchant cash advancing services for companies in the travel, eCommerce, hotel, retail, and restaurant segments. It raised $10 million in a Series B round in December 2016, led by Omidyar Network, with participation from Accel Partners and Elevar Equity. It used that money to launch an invoice discounting line of credit, a debt financing solution designed specifically for B2B startups to accelerate cash flow.

“Indifi is dedicated to solving the credit issues faced by small businesses across sectors in the country,” said the firm’s CEO and co-founder Alok Mittal in a statement at the time. “Having spent over a decade as a VC and angel investor, I’ve seen several B2B companies use equity to fund working capital, as a result of which they are unable to realize their plans to scale up.”

The company will use this latest round of funds for expansion, as well as towards the modernization of existing business, development of infrastructure for future growth, capex, working capital requirements, and repayment of debts and other general corporate objectives in the future, according to the company’s filings.