Indifi Tech’s assets under management double to Rs 1,500 crore in FY23

The assets under management (AUM) of MSME digital lending platform Indifi Technologies jumped over 100 per cent in 2022-23 (FY23) to Rs 1,500 crore. It announced that it is aiming to double the figure again in FY24.

“Concomitant with the doubling of disbursals & AUM were improvements across functional KPIs – operating costs, cost of funds, NPA, credit rating – that added up to improve the ROTA profile of the book,” said Aditya Harkauli, chief business officer at Indifi Technologies.

“Going ahead, we would look to double up again over the course of FY24, while seeding new initiatives for growth in the longer term. Adding & deepening partnerships, both on the demand and supply side, will continue to be the route to scale. Accentuation of co-lending with banks will be noticeable in the augmentation of supply, over the course of the year,” he added.

Over the year, the share of marketplace lenders in the AUM rose 25 per cent as compared to FY22. This contributed 50 per cent, in terms of value, to the total AUM as of March.

Founded in 2015, lending platform Indifi also helps platforms like Zomato, Swiggy, and Amazon in drawing insights from data on creditworthiness.

Last year, it had also announced a partnership with Alphabet’s payment app, Google Pay, for helping it source new lending opportunities from merchants.

On Thursday, Indifi also announced the appointment of the State Bank of India’s (SBI) former chairman Rajnish Kumar as an advisor. Kumar is also chairman of the Bharatpe board.

In his capacity as an advisor, Kumar will engage with the management on the company’s growth strategy and provide guidance in the financial services sector, Indifi said in a statement.

Kumar has had a long and illustrious career in banking and finance. He currently sits on the boards of HSBC Asia Pacific, L&T Infotech, Hero MotoCorp and BharatPe.

“The MSME sector and their credit gap have been a serious problem for India. The headway that Indifi is making in this regard is important and impressive. Their ecosystem-based approach to lending has leveraged the opportune intersection of digital platforms used by MSMEs and advancement in data and tech,” Kumar was quoted as saying in the statement.

“I look forward to working with the Indifi team and unlocking future growth opportunities and creating value for all the stakeholders in the company,” he said.