Lending tech startup Indifi on Monday (December 11) announced the appointment of the former Axis Bank president, Sangram Singh, as its new CEO.
As part of his new role, Singh will oversee the growth of the core Indifi franchise and spearhead functions such as product, distribution, partnerships, technology, risk, and treasury.
In a statement, Indifi said that it will leverage Singh’s extensive banking and fintech expertise to fuel the startup’s next phase of growth. His appointment is also expected to enable the lending tech company to navigate emerging dynamics in the MSME sector and leverage the potential of digital finance for small businesses.
Meanwhile, Alok Mittal will continue to serve as the managing director and cofounder of the company. Mittal, along with cofounder Siddharth Mahanot, will continue to helm product and segment expansion in the secured lending and transaction-based financing segments.
“… I am excited to be part of this journey with Alok and Siddharth and look forward to introducing innovative solutions for our business partners and customers and exploring new horizons that contribute significantly to the development of India’s online lending landscape,” the new Indifi CEO said.
Commenting on his appointment, Mittal added, “… the strategic move to bring Sangram on board aims to capitalise on the compelling opportunity for scaling Indifi’s core business and introducing innovative credit products. With a focus on scaling multifold over the next five years, Sangram’s seasoned expertise, honed through leading larger businesses, is poised to be a catalyst in elevating Indifi’s growth trajectory.”
Curiously, this is Singh’s second stint at Indifi. Back in 2019, he was appointed as the president of the fintech startup but left the company a year later.
An alumnus of the Indian Institute of Management, Calcutta and Malaviya National Institute of Technology, Jaipur, Singh has more than 23 years of experience under his belt.
He has previously served as the president of Axis Bank’s commercial banking group and the MD and CEO of Freecharge. He has also worked with Citibank and GE Capital.
Founded in 2015 by Mittal, Siddharth Mahanot and Sudeep Sahi, Indifi is a lending tech startup that enables debt-financing for small businesses. Leveraging its tech stack, the startup aims to streamline credit flow for MSMEs and improve the speed and convenience of the loan process. Sahi quit the company in 2017 and currently helms a payroll management company, Skuad, as its founder.
Even as funding winter pummels its peers in the lending tech space and the overall fintech sector, the startup minted its maiden net profit of INR 5.1 Cr in FY23 compared to a loss of INR 32.8 Cr in FY22. Meanwhile, revenue from operations surged more than 2X to INR 198 Cr in the year ended March 2023 from INR 96 Cr in the year-ago period.
Backed by the likes of ICICI Ventures, British International Investment, and Omidyar Network, Gurugram-based Indifi last raised $35 Mn as part of its Series E funding round in June this year. It has secured more than $120 Mn since its inception.
Mittal recently told Inc42 that the company plans to maintain its growth momentum well into FY24 as well.
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