Indifi Technologies (Indifi), an India-based digital technology platforms, has on Tuesday successfully raised Rs 290 Crores ($35 million) in its Series E funding round.

Funds managed and advised by ICICI Venture led the round along with participation from existing investors including British International Investment, OP Finnfund Global Impact Fund I, Omidyar Network India, Flourish Ventures and CX Partners, Indifi said in a statement.

According to the statement, this fresh capital infusion will be used to propel Indifi’s growth, as it expands its current operations and enhances its presence in the market.

The focus will be towards developing new products which will allow them to serve more into underserved segments of the micro, small and medium enterprises (MSME) sector.

“This investment not only fuels our journey but also showcases the trust and endorsement of leading investors in the ecosystem,” said Alok Mittal, Managing Director and Chief Executive Officer of Indifi.

He said that as an organization, the firm’s commitment has been unwavering when it comes to marrying technology with ground-level understanding to create positive outcomes for MSMEs across India.

Indifi is a Gurgaon-based lending platform founded in 2015 by Alok Mittal and Siddharth Mahanot, to enable debt-financing for small businesses.

The firm aims to substantially improve the experience for borrowers regarding credit access as well as the speed and convenience of the loan process.

Driven by the idea of expanding access to MSME financing in India, Indifi has emerged as an enabler for start-ups and small businesses seeking seamless access to funding.

The firm expands the envelope of formal lending by designing the right-fit credit products for MSMEs, improving the standard of risk assessment, and leveraging the supply chain linkages of MSMEs.

Indifi’s technology platform has been utilized to disburse over 73,000 loans across 400+ cities, amounting to a total disbursement value of over INR 4100 crore.

Its mission is to enable underserved MSMEs in the country through accessible, affordable and quick credit by leveraging technology.

The company turned profitable in Feb 2022 and has grown profitability since then.

The company exemplifies growth and innovation as twin engines that drive impact at scale.

Over the past eight years, Indifi has consistently expanded their offerings to ensure all businesses can access formal finance that suits their needs.

The most recent inroads being instant business loans and enabling working capital finance to direct-to-consumer (D2C) brands.

“Indifi has created a best-in-class digital technology platform for lending to the large MSME sector, enabling access to credit for this highly underserved segment of the Indian economy,” said Nikhil Mohta, Senior Director, Private Equity of ICICI Venture.

According to him, Indifi’s strong relationships with ecosystem partners and liability partners stand in good stead as it targets a rapid scale up.

“The robust governance and risk frameworks of the company inspire confidence and we are excited to partner with Indifi in its onward journey,” he added.

Indifi had previously announced the close of its Series D funding round in November 2021 with the equity funding round led by CX Partners, and OP Finnfund Global Impact Fund I.