Indifi Appoints Sangram Singh As CEO To Accelerate Growth And Innovation

Updated on: 11 December 2023 10:55 pm

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Digital technology platforms for lending to the MSME sector, Indifi Technologies announced the appointment of Sangram Singh as its chief executive officer (CEO).

The company in its statement said that this strategic move will reinforces the company’s commitment to sustained growth, innovation, and providing enhanced financial services to the MSME sector. Over the past eight years, it has consistently expanded its offerings to ensure all businesses can access formal finance that suits their needs.

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“With the most recent inroads being instant business loans and enabling working capital finance to D2C brands, Indifi has disbursed over 96,000 loans across 400+ cities, amounting to a total disbursement value of over INR 5100 crore,” it added.

Speaking on the appointment, Sangram Singh said, “The digital MSME ecosystem is a cornerstone of India's economy, offering a unique opportunity for leveraging data and platforms as small businesses increasingly integrate technology. This dynamic presents significant prospects for expanding financial services, particularly in enhancing credit access to the small business segment. I am excited to be part of this journey with Alok and Siddharth and look forward to introducing innovative solutions for our business partners and customers and exploring new horizons that contribute significantly to the development of India’s online lending landscape.”

In a recent mixed round of equity and debt funding, the company successfully raised $47 million. The funding was led by CX Partners and OP Finnfund Global Impact Funds I.

The statement added that as part of his role as the CEO at Indifi, Sangram will spearhead the expansion of the core Indifi franchise, taking direct charge of critical functions such as product, distribution, partnerships, technology, risk, and treasury. Leveraging his extensive banking and fintech expertise and strategic foresight, Sangram is poised to guide Indifi into its next phase of growth.

Alok Mittal, will continue to serve in his executive role as co-founder and MD and along with Siddharth Mahanot, will spearhead the creation and scaling of innovative product offerings, notably in secured lending and transaction-based financing. Leveraging their successful entrepreneurial experiences, Alok and Siddharth will work to reinforce Indifi’s commitment to meeting the diverse financial needs of its MSME customers.

A Gurugram-based company that extends loans to small businesses secured $35 million in its Series E funding round last June. The round was spearheaded by funds managed and advised by ICICI Venture, with participation from existing investors such as British International Investment, OP Finnfund Global Impact Fund I, Omidyar Network India, Flourish Ventures, and CX Partners, as reported by Entrackr.