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CDC leads US$21 million funding round for India’s Indifi Technologies
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New capital will allow Indifi to increase its lending multifold over the next five years
CDC, the UK’s development finance institution, has today announced it led the funding round for Indifi Technologies (Indifi), a digital lender providing loans to micro and small businesses in India. We invested US$15 million in a US$21 million fundraise, capital also came from existing investors including Omidyar Network and Accel.
Our investment will support Indifi increase its lending by a multifold over the next five years. Access to growth finance for micro and small businesses remains a challenge in India, large parts of the country remain underserved. Growth finance is key to helping these businesses flourish and subsequently local economies and communities will benefit. Additionally, it indirectly helps to create family income, helping them to provide financial support over many generations.
We support businesses that can make goods and services more affordable and accessible for people in Africa and Asia that really need them. We chose to invest in Indifi because of its advanced data driven approach that enables it to reach thousands of hard to reach customers across India. By reducing the high cost of risk assessment and customer acquisition, Indifi helps formal and informal businesses to access growth finance that otherwise may not receive it.
As part of our commitment to creating value through impact, we will support Indifi improve its risks systems and customer protection protocols.
Srini Nagarajan, Managing Director and Head of Asia at CDC Group said,
“Backing India’s leading SME lending platform fits in well with CDC’s core strategy to improve people’s lives. Our investment will support Indifi to increase its SME lending multifold over the next five years, including to customers that are harder to reach and otherwise wouldn’t have access to growth finance. Its market leading digital platform is advancing product design for customers and responsibly supporting the growth of thousands of SMEs, generating income for families and their local communities across India.”
Media Contact:
Clare Murray, CDC Group +44 207 036 4353 cmurray@bii.co.uk
Notes to Editors:
1. CDC Group plc is the UK’s development finance institution, wholly owned by the UK Government, CDC has invested in Africa and Asia for 70 years. By investing for impact, CDC aims to help countries in Africa and Asia to build thriving communities that provide sustainable opportunities for all citizens.
2. CDC takes a flexible approach and provides capital in all its forms, including equity, debt, mezzanine and guarantees, to meet businesses’ needs and achieve development impact. CDC has net assets of £5.1bn. Find out more at www.cdcgroup.com
