Indifi cofounder Siddharth Mahanot steps down from executive position

Indifi cofounder Siddharth Mahanot on Tuesday said that he has stepped down as executive director.

The other cofounder, Alok Mittal, and the company’s chief executive, Sangram Singh, will continue to lead the small business-focused lending company.

In a post on social media platform LinkedIn, Mahanot said, “Although I am stepping away from day-to-day operations, I will continue to be involved as a shareholder and will maintain my board responsibilities.”


He did not disclose what he plans to do next.

Prior to starting Indifi, Mahanot worked for Citibank, Indiabulls Housing Finance and Edelweiss Financial Services.

Indifi had appointed former Axis Bank senior executive Sangram Singh as its CEO in December 2023.

The Gurgaon-based company raised around $35 million in its latest equity funding in June 2023. Since inception, it has raised around $90 million from investors including Omidyar Network, ICICI Ventures, British International Investment and Flourish Ventures.

The company, started as a credit marketplace in 2015, got its non-banking finance company (NBFC) licence in 2017 and began building its own credit book. As of March 2024, Indifi Capital, the in-house NBFC, had total assets under management of Rs 1,729 crore and reported a total income of Rs 341 crore for 2023-24. It reported a net profit of Rs 3 crore for the financial year.