The Silicon Review ^Asia

Indifi, an India-based Fintech startup, has raised $21 million in Series C funding. The funding round was led by CDC Group, a UK government-owned VC fund.

Other than CDC Group, the funding round saw involvement from other existing investors such as Flourish Ventures, Accel, Elevar Equity, and Omidyar Networks, Indifi confirmed on Tuesday.

Alok Mittal, co-founder and MD of Indifi spoke exclusively to Tech Crunch and shared little information. Mr Mittal said that the new funding will be utilized to get new clients and lending partners to expand the company’s marketplace business. Indifi will also tap into more sectors such as logistics as a part of lending to businesses venture.

Mr Mittal also said that Indifi has been dependent on debt to grow and finance loan on its platform. Till date, the company has raised $34 million in fundings.

Apart from financing, the company also serves as a marketplace for banks and non-banking financial companies to take part in funding loans to small and medium-sized enterprises added Mr Mittal. The cline base of the company has grown 2.5 times in 2018.

Indifi is located in Gurgaon. The company provides loans to small and medium-sized businesses and also runs an online loan platform.

The company’s rivals include a handful of businesses such as Five Star Finance, Capital Float, Zest Money, Drip Capital, and in some capacity.