Fintech lender Indifi registers 120% YoY growth in new loan disbursals

New Delhi: Indifi Technologies, the Gurugram-based fintech lender to MSMEs, has announced that it has seen a 120% year-on-year growth in new loan disbursals.

“For us, this is a planned milestone, as we knew that there is a certain scale and performance at which we will start to turn profitable,” said Alok Mittal, CEO, Indifi Technologies. “Covid stressed out a lot of our customer base but the performance of our pandemic-affected portfolio has turned out to be better than what we had estimated. Also, the performance of our post-Covid portfolio is on track. Our gross NPAs (non-performing assets) now range below 2%, and the company has grown by about 120% over the last 12 months in terms of new disbursals.”



The online lending platform said the growth in disbursals continued to come on the back of a tightened credit criteria and an increase in average ticket size and tenor. Since inception, the lender claims to have disbursed 48,000+ loans across 650+ cities.

Indifi said it recorded its first profitable quarter in Q1 of FY2023. However, the company has not disclosed its profit figures for Q1 FY’23. While its revenue for FY21 and FY22 stood at Rs 65 crore and Rs 105 crore, respectively, its annual losses for the two years were Rs 37 crore and Rs 33 crore.

The latest growth was driven by the expansion of partnerships with digital ecosystem partners and by investing in new customer segments, said the firm that was started in 2015.

In FY ’22, coming out of Covid, the company had cautiously begun accelerating its growth and had more than doubled its lending book. The momentum was carried forward into FY ’23, with the lender reporting successive months of record disbursal growth in Q1. It further claimed its assets under management were set to cross ₹1,000 crore in Q2 FY ’23.

To evaluate the credit worthiness of SME borrowers, the fintech lender has lately ramped up investment in risk analytics and machine learning capabilities. These investments have also played a role in securing the latest growth milestone for the company, it added.

Commenting on the latest numbers, Aditya Harkauli, Chief Business Officer at Indifi, said: “Growth and profitability metrics, in tandem, remain the measures of success for us. Embedded in this approach is the inalienable and self-evident need to calibrate & control credit losses as well.”