Fintech firm Indifi Technologies has partnered with the Delhi-NCR chapter of The Indus Entrepreneurs (TiE), a non-profit organisation that supports startups, to provide debt funding to the latter’s member companies.
The capital infusion will allow startups to maintain business activity and achieve growth plans amid the ongoing Covid-19 crisis, according to a statement.
The number of startups in TiE’s Delhi-NCR portfolio could not be immediately ascertained.
The Gurugram-based lender will issue collateral-free loans between Rs 10 lakh and Rs 2 crore, with a repayment period of up to 36 months, it said. Startups that are consumer oriented, focus on software-as-a-service (SaaS), belong to digital media or edtech sectors, or provide enterprise services, and have a recurring revenue stream of up to Rs 10 lakh, will be eligible for the programme, it said.
“We are committed to enriching this partnership by drawing on our vast network to provide mentorship support to the beneficiary companies both at the beginning of the programme and during the course of the agreed plan. We are also excited to reach out to more innovators and bring them toward the side of growth and innovation so that they can maximise their potential on the back of this holistic programme,” Rajan Anandan, president of TiE Delhi-NCR, said.
The partnership will allow Indifi Technologies to increase its operations in terms of loan disbursals to startups with a steady stream of cash flows.
“Together, we will leverage the dynamic synergy to facilitate growth-enabling funds as well as top-quality mentorship to help TiE members seamlessly navigate the highly-competitive and continuously-evolving business landscape,” Alok Mittal, CEO and co-founder of Indifi, said.
Mittal founded Indifi in 2015 with Siddharth Mahanot and Sundeep Sahi. The company provides business loans, primarily to small and medium enterprises (SMEs) in 12 sectors, including retail, ecommerce, travel and hospitality.
Its last reported fundraise was in July, when it raised $21.05 million in a round led by the UK government’s CDC Group, along with Accel India, Omidyar Network, Fair Finance Fund and Elevar Equity.
Santa Clara, California headquartered TiE provides mentoring, networking, education, incubation and funding services to startups. It currently operates 61 chapters in 14 countries.