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Indifi Technologies Reports Substantial Growth in FY25

Indifi Technologies, a lender focused on MSMEs and based in Gurugram, experienced a remarkable 22% increase in its operating revenue year-on-year driven by enhanced monetisation and robust platform activity in the previous fiscal year (FY25). According to the company’s data, revenue soared to Rs 360 crore in FY25, up from Rs 294 crore in FY24. Additionally, the company earned an extra Rs 18 crore from non-operating sources, bringing its total income for the fiscal year ending March 2025 to Rs 378 crore.

Target Market and Business Insights

The firm extends loans to MSMEs, particularly micro and small businesses, with annual turnovers between Rs 50 lakh and Rs 10 crore. As indicated by Indifi, the Delhi NCR region holds a crucial position, contributing nearly 20% to total business, with Mumbai, Bangalore, and Rajkot following closely.

Cost of Funds and Financial Performance

On the expenses front, Indifi reported that its average cost of funds (finance cost) was approximately 10% in FY25. Overall expenses surged by 24%, increasing to Rs 429 crore from Rs 346 crore in FY24. The firm faced a net loss of Rs 45 crore this fiscal year, largely due to provisioning-led losses stemming from rising credit stress and a transition in accounting standards from IGAAP to IND AS. Nevertheless, EBITDA improved, rising to Rs 107 crore compared to Rs 90 crore in FY24.

Outlook and Future Plans

Alok Mittal, the co-founder and executive chairman, informed Startup Superb that the company returned to profitability as of Q2 FY26 after navigating some provisioning challenges. He stated that the firm is emerging from a credit cycle and anticipates profitability to resume alongside growth in FY26, primarily through supply chain finance and secured lending becoming more substantial components of its portfolio.

Indifi has also broadened its product offerings. Direct-to-Consumer (D2C) loans now make up 15–20% of its business, while supply chain finance constitutes 6–8%. The newly introduced secured lending, launched merely six months ago, is projected to grow to 10–15% of the portfolio over the next three years. Mittal added that together, supply chain and secured lending are expected to account for 20–25% of assets under management (AUM).

Investment and Future Growth

According to various sources from a startup data intelligence platform, Indifi has successfully secured a total of $129 million from a range of investors including CDC Group, Accel, ICICI Ventures, and Omidyar Network. Mittal noted that the firm is not currently seeking fresh equity funding. He mentioned that they are well-levered and possess enough equity to support growth in FY26, with the potential for capital infusion towards the end of FY26 for the following year.

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