Indifi Technologies, an Accel-backed lending platform, announced on Tuesday that it has acquired a minority stake in Intellifi Technologies, which operates the B2B (business-to-business) service platform BizeeBuy, for an undisclosed sum.
The Gurugram-based fintech firm’s strategic investment would help strengthen its tech-based offerings to its customers which are largely small and medium enterprises (SMEs). Indifi’s integration into BizeeBuy’s platform, on the other hand, will provide credit services to the latter’s customers.
Furthermore, BizeeBuy, which serves direct-to-consumer (D2C) brands, will use the funds for product development and market expansion. The company operates a SaaS platform that assists businesses with internal process controls, e-procurement, inventory management, and vendor collaboration. It assists B2B businesses in the D2C and contract manufacturing spaces, with a focus on the mid-market businesses.
Indifi, which was founded in 2015, operates an online lending platform that provides business loans to SMEs and MSMEs with limited access to credit from traditional financial institutions.
The company claims that it has enabled companies from sectors such as hospitality, travel, e-commerce, trading and retail businesses, it said. To date, it claims to have disbursed over 55,000 loans in 650 cities.
Indifi competes in the MSME lending tech space with companies such as Lendingkart, AyeFinance, Kredx, and Flexiloans, among others.
Indifi, in April, also appointed Rajnish Kumar, former chairman at State Bank of India, as an adviser for the company’s growth strategy and for guidance across the financial services domain. Kumar is also the current chairman of another fintech company, BharatPe.
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