What Indifi Technologies does

Indifi Technologies is a digital lending platform founded in 2015 in Gurugram, India, focused on providing financing solutions to micro, small, and medium enterprises (MSMEs). The company operates a technology-driven marketplace that connects borrowers with a network of 80+ financing partners, including its own NBFC arm (Indifi Capital), Aditya Birla Capital, IDFC First Bank, IIFL, DMI Finance, and Ugro Capital. The platform serves businesses across 12 industry verticals including Travel, E-Commerce, Hotel, Restaurant, Retail, Startup, Logistics, Transport, Construction, Healthcare, Textile, and Kirana stores, with a presence spanning over 400 cities in India.

The company offers a range of financial products including Term Loan, Line of Credit, Invoice Discounting, Merchant Cash Advance, and Indifi Pay (a digital payments and disbursal solution). The platform leverages technology for loan origination, credit decisioning, and partner matching, with integrations to multiple credit bureaus (Experian, CIBIL, CRIF, Equifax) and the Central KYC Registry. Indifi generates revenue through processing fees starting at 3% on originated loans, interest spreads on lending through its NBFC arm, and other charges.

The company has scaled significantly, with revenue of Rs 378 crore in FY25 (a 22% year-over-year increase from Rs 200+ crore in FY23), and has disbursed over 100,000 loans to date. The company is led by Siddharth Mahanot and Gagan Aggarwal, and holds ISO/IEC 27001:2013 certification for information security, along with Great Place to Work certification for 2025-26.

Name

Indifi Technologies

Legal name

Indifi Technologies Private Limited

Website

https://indifi.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Indifi Technologies is a digital lending platform serving MSMEs across 12 industries and 400+ Indian cities, operating a multi-lender marketplace connecting borrowers to 80+ financing partners including its own NBFC arm (Indifi Capital).

Ownership category

akta.pro rank

Product category

Digital SME Lending Platform

NAICS

Credit Intermediation and Related Activities (522), Nondepository Credit Intermediation (5222), Activities Related to Credit Intermediation (5223)

SIC

Short-Term Business Credit Institutions (6153), Loan Brokers (6163)

akta.pro primary industry

SME Lending Platforms & Embedded SME Credit (FSAKAGAJ)

akta.pro secondary industry

Embedded Lending & Credit (POS, Working Capital, Credit Lines) (FSAGALAD)

Keywords

• SME lending platform
• Digital MSME loans
• Multi-lender marketplace
• Unsecured business loans
• Alternative credit underwriting

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Loan origination and processing fees: Indifi charges processing fees starting at 3% on originated business loans and earns spread on interest (starting at 1.5% per month) charged to borrowers. Revenue grows with loan disbursal volume across more than 100,000 loans to date.
2. NBFC lending income (Indifi Capital): Indifi Capital, the NBFC arm of Indifi Technologies, lends off its own balance sheet. Q1 FY26 NBFC reported net loss of INR 8 crore with declining AUM and rising NPAs, with return to profitability expected in Q2 FY26 via secured lending expansion.
3. Lender partnership distribution income: Indifi matches borrower applications to 80+ active financing partners (Incred, Aditya Birla Capital, IDFC First, IIFL, DMI Finance, Ugro Capital, Indifi Capital) and earns commission/fees on loans funded by partner balance sheets.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Indifi Technologies runs a digital lending platform that originates unsecured business loans for Indian MSMEs across 12 verticals (Travel, E-Commerce, Hotels, Restaurants, Retail, Logistics, Transportation, Construction, Healthcare, Textile, Kirana, Startups) and routes a single application to a network of 80+ financing partners including its own NBFC arm Indifi Capital. Loan products include Term Loan (up to INR 1 Crore, 36-month tenure), Unsecured Line of Credit, Invoice Discounting, Merchant Cash Advance, and the Indifi Pay disbursal module, with Aadhaar-based eKYC, 24-hour indicative offers, and bureau-driven credit decisioning.

Product overview

Indifi Technologies operates a single technology platform with a portfolio of related loan products, tools, and an NBFC arm. The platform unifies loan origination, bureau-based credit decisioning, and a multi-lender marketplace so that one application is matched against multiple financing partners (Incred, Aditya Birla Capital, Indifi Capital, IDFC First, IIFL, DMI Finance, Ugro Capital, etc.) and industry partners (Flipkart, Amazon, Swiggy, Pine Labs, Fiserv, DTDC). On top of this core engine sit the core loan modules — Term Loan, Line of Credit, Invoice Discounting, Merchant Cash Advance, and the Indifi Pay disbursal module — each of which is offered as an industry-specific variant (Travel, E-Commerce, Hotel, Restaurant, Retail, Startup, Logistics, Textiles, Transportation, Construction, Healthcare, Kirana). Supporting tools include the Loan EMI Calculator and GST Calculator. Indifi Capital is the NBFC arm that holds loans on balance sheet. Together, these form a unified MSME lending platform that has disbursed over 100,000 loans across 400+ Indian cities via 12 industries and 80 active lending partners (per homepage stats).

Differentiator

Problem solved

Functional benefit

Brands

• Indifi Pay: Payment-based disbursal facility offered as part of Indifi's product suite for business borrowers.
• Indifi Capital

Products and services

• Term Loan Lumpsum unsecured business loan for MSME expansion, with tenures up to 36 months, loan amounts from Rs 50,000 to Rs 1 Crore, and processing fees starting at 3%.
• Line of Credit (Unsecured) Revolving credit limit for managing business cash flows, usable and repayable on flexible terms without collateral.
• Invoice Discounting Working-capital product that unlocks capital from outstanding invoices so MSMEs can reuse the value tied up in receivables.
• Merchant Cash Advance Loan product underwritten on POS machine swipe volumes, enabling merchants to access capital based on daily card sales.
• Indifi Pay Digital payments and disbursal module used for receiving loan disbursals and managing top-up loan requests, integrated into the Indifi application flow.
• Travel Agency Financing Working-capital loan tailored for travel agents, designed around the cash-flow cycles of the travel industry.
• E-Commerce / Online Seller Loan Loan product for online sellers to stock more inventory and grow sales, with dedicated variants for Flipkart and Amazon sellers.
• Flipkart Seller Loan Dedicated e-commerce loan variant for Flipkart marketplace sellers, underwritten using seller data sourced via the Flipkart partnership.
• Amazon Seller Loan Dedicated e-commerce loan variant for Amazon marketplace sellers, underwritten using seller data sourced via the Amazon partnership.
• Hotel Business Loan Loan product tailored for hotels, including financing for renovation and growth of hospitality businesses.
• Restaurant Business Loan Loan product tailored for restaurants, designed to match the working-capital profile of food-service businesses.
• Retail Store Loan Loan product for retail outlets to enhance store operations and improve sales, with a retail-specific risk model.
• Logistics Business Loan SME loan tailored for logistics businesses with loan amounts of Rs 50,000–Rs 1 Crore, tenures up to 3 years, processing fees of 3%, and customised interest rates starting at 1.5% per month.
• Transportation Business Loan Term loan covering passenger and goods transport operators, including cab services, freight, medical transport, and livestock transport businesses.
• Construction Business Loan Delayed-draw term loan for construction MSMEs, financing tools, equipment and working capital for site execution.
• Healthcare Business Loan Medium-term loan product for healthcare MSMEs (manufacturers, job workers, doctors, medical/para-medical setups) to finance specialised medical equipment.
• Textiles Business Loan Term loan for textile manufacturers and traders, with loan amounts of Rs 50,000–Rs 50 Lakhs and tailored financing for plant, machinery and working capital.
• Kirana Store Loan MSME loan for new kirana / convenience stores, covering inventory financing, store setup and digital-payment enablement.
• Startup / Revenue-Based Financing Revenue-based financing for early-stage and growth-stage startups, structured to avoid equity dilution.
• Indifi Capital (NBFC arm) NBFC subsidiary of Indifi Technologies (Indifi Capital) that originates and holds loans on its own balance sheet; reports AUM, NPAs and quarterly P&L separately from the parent platform.

Named customers3 records

Segments13 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration14 records

AI capability6 records

Feature6 records

Partnerships

Eight partnerships are on record, tiered flagship, core and minor.

• FlipkartflagshipStrategic or Co-development PartnerFeatured industry partner on the Indifi website. Provides embedded lending access to Flipkart sellers (e.g., Flipkart Seller Loan product) — bringing Indifi's capital offering into one of India's largest e-commerce marketplaces.
• AmazonflagshipStrategic or Co-development PartnerFeatured industry partner on the Indifi website. Powers Amazon Seller Loan offering, extending Indifi's credit products to Amazon's seller base across India.
• SwiggycoreStrategic or Co-development PartnerFeatured industry partner on the Indifi website, enabling credit offerings to restaurant merchants on the Swiggy platform.
• FT Cash (First Data / Fiserv)minorStrategic or Co-development PartnerFeatured industry partner on the Indifi website. FT Cash is a payment platform; partnership likely supports merchant cash advance / POS-based lending products to merchants.
• DTDCminorStrategic or Co-development PartnerFeatured industry partner on the Indifi website. Logistics sector partnership that likely extends Indifi's working-capital products to DTDC franchisees and logistics SMEs.
• Pine LabsminorStrategic or Co-development PartnerFeatured industry partner on the Indifi website. Pine Labs is a major POS / merchant payments platform; the partnership supports merchant cash advance flows leveraging POS data.
• BFDL (Bajaj Markets / Bajaj Finserv Direct)minorStrategic or Co-development PartnerFeatured industry partner on the Indifi website. Distribution partnership through the Bajaj ecosystem to surface Indifi's SME loan products to Bajaj's customer base.
• Siddharth Mahanot (former Co-Founder & Executive Director/COO of Indifi, appointed CEO – Financial Services at JK Cement)minorOthersSenior leadership alumni reference: Siddharth Mahanot, who served as Co-Founder and Executive Director/COO of Indifi for nearly a decade before being appointed as CEO – Financial Services at JK Cement in February 2026. Note: this is a leadership transition rather than an active operating partnership.

Scale indicators12 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Lendingkart: Lendingkart is an Indian digital lending platform focused on unsecured working-capital loans to MSMEs, operating a similar multi-product, multi-vertical online origination and disbursal model directly comparable to Indifi.
• FlexiLoans: FlexiLoans is an Indian MSME digital lending marketplace that originates loan applications online and matches them to a network of lending partners, closely mirroring Indifi's self-serve, multi-lender model.
• Oxyzo (formerly Capital Float): Oxyzo is an Indian digital SMB lender offering working-capital term loans and revolving credit to small businesses, combining fintech origination with an in-house NBFC balance sheet similar to Indifi's Indifi Capital arm.
• Aye Finance: Aye Finance is an Indian NBFC specializing in secured and unsecured small-business loans to underserved micro and small enterprises, competing head-on with Indifi's MSME target segment across tier-2/3 markets.
• NeoGrowth Credit: NeoGrowth is an Indian digital lender that provides working-capital loans to small businesses using point-of-sale and transaction data, conceptually similar to Indifi's Merchant Cash Advance and POS-based underwriting.

Broad incumbents

• Razorpay Capital: Razorpay is a broad Indian payments and fintech incumbent whose Razorpay Capital product offers working-capital loans to SMEs routed through partner lenders, overlapping with Indifi's embedded marketplace model at much larger scale.
• BharatPe: BharatPe is a large Indian merchant fintech that offers loans and credit products to offline merchants and kirana stores, competing directly with Indifi in the small-merchant and kirana lending vertical.

Emerging players

• InCred Finance: InCred is an Indian NBFC and digital lender offering personal, SME and education loans; InCred also appears as a financing partner on Indifi's marketplace, making it both a partner and a partial peer in MSME lending.
• Ugro Capital: Ugro Capital is an Indian small-business-focused NBFC that lends off its own balance sheet to MSMEs — also listed as one of Indifi's financing partners and thus a partner-competitor in the same borrower pool.
• DMI Finance: DMI Finance is an Indian NBFC providing digital consumer and SME credit; like InCred and Ugro it funds loans originated through Indifi's marketplace while also originating its own SME book, making it a partner-peer hybrid.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/indifitech
• Facebookfacebook.com/indifiSMBloans
• LinkedInlinkedin.com/company/indifi

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds8 records

Investors17 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indifi Technologies