Indifi procures INR 35Cr from IndusInd Bank to reconcile SME financing gap

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Gurugram-based Indifi Technologies has announced securing funds of Rs 35 crore from IndusInd Bank Ltd., with a guarantee from the US International Development Finance Corporation. These funds are reported to be organized through a term loan from IndusInd Bank’s investing group to Riviera Investors Private Limited.

According to reliable reports, through this fundraising, the company is not only expected to bridge the need-gap of MSMEs but is also likely to play an eminent role in driving the financial inclusion in the country.

It would be essential to note that Indifi had recently made a debut into the pharma segment and would be extending its credit line solutions and services to retailers for managing their working capital cash flows and needs.

Meanwhile, Co-Founder and COO of Indifi Technologies, Siddharth Mahanot, has stated that the firm is thankful to IndusInd Bank and the US International Development Finance Corporation (DFC) for the facility which comes to the company at the right time and supports its goals of expanding debt funding to underserved MSMEs who have been recovering from the daunting COVID impact.

Commenting on the latest accomplishment, Social Enterprise Finance MD in DFC’s Office of Development Credit, Loren Rodwin, cited that Indifi looks toward deploying an innovative approach to enhance the access to finance for small businesses, which are deemed to be an important engine for economic growth in the Indian economy.

He mentioned that Indifi’s support is of utmost importance for India’s small business as they seek to alleviate the effects of the COVID-19 pandemic and recuperate from its effects.

On the other hand, Head- CSR and Sustainable Banking at IndusInd Bank, Corporate and Investment Banking, Roopa Satish quoted that the guaranty from DFC eliminates the fluctuation risk of foreign exchange rate from the balance sheet of Riviera and has become an important tool for mobilizing debt funding for impact space companies. Besides, the company has done over USD 30 million of DFC’s guarantee backed transactions till date, of which nearly USD 25 million has been carried out in FY21.

Source Credit: https://economictimes.indiatimes.com/small-biz/sme-sector/indifi-secures-5-million-from-indusind-bank/articleshow/81507650.cms