The Gurugram-based fintech company’s strategic investment would help it improve the tech-based services it provides to its clients, who are primarily small and medium-sized businesses.
Indifi Technologies Pvt Ltd, an Accel-backed financing platform, revealed on Tuesday that it has paid an undisclosed price for a minority investment in Intellifi Technologies Private Limited, which runs the B2B (business-to-business) service platform BizeeBuy.
The Gurugram-based fintech company’s strategic investment will improve the tech-based services it provides to its customers, who are primarily small and medium-sized businesses (SMEs). On the other hand, consumers of BizeeBuy will be able to obtain credit services thanks to Indifi’s integration into that platform.
Additionally, BizeeBuy, a direct-to-consumer (D2C) brand service provider, will use the cash to develop new products and broaden its market reach. The business operates a software-as-a-service (SaaS) platform that assists enterprises with internal process controls, electronic procurement, inventory management, and vendor communication. With a focus on mid-market firms, it helps B2B Sales organizations in the D2C and contract manufacturing spaces.
“While the MSME sector as whole experiences the critical issues that BizeeBuy intends to address, there are few easily available solutions. Given their solid infrastructure and product, partnering with BizeeBuy was a simple choice, according to Indifi co-founder and COO Alok Mittal.
Indifi, an online lending platform established in 2015, provides business loans to MSMEs and SMEs with restricted access to financing from conventional financial institutions.
The business asserts that it has helped businesses in industries like hospitality, travel, e-commerce, trading, and retail, among others. To far, it claims to have distributed over 55,000 loans across 650 cities.
In November of last year, as part of its Series D fundraising, the digital lender with a focus on small businesses raised its most recent 340 crore in a combination of stock and loan funding. CX Partners and the Global Impact Fund of OP Finnfund I oversaw the equity fundraising round, in which the UK’s development finance organization, the CDC Group, Accel, Omidyar Network, Flourish Ventures, and Elevar Equity also participated. British International Investment and Finnfund are two more of its investors.
Indifi competes with companies like Lendingkart, AyeFinance, Kredx, and Flexiloans in the MSME lending tech area, among others.
Rajnish Kumar, the former chairman of the State Bank of India, was also engaged by Indifi in April as a consultant for the company’s growth plan and for advice on all aspects of the financial services industry. Additionally, Kumar serves as the current chairman of BharatPe, another financial business.
