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

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The assets under management (AUM) of digital lending platform MSME Indifi Technologies jumped by more than 100 per cent in 2022-23 (FY23) to Rs 1,500 crore. And it announced that it aims to double the figure again in fiscal year ’24.

“Coinciding with the doubling of payouts and AUM were the improvements across functional KPIs – operating costs, cost of funds, NPA, credit rating – that added to improve the ROTA profile of the book,” said Aditya Harkauli, Chief Business Officer, Indifi Technologies. .

“Going forward, we look to redouble efforts again over FY24, while laying the seeds of new initiatives for long-term growth. Adding and deepening partnerships, both on the supply and demand side, will continue to be the path to expansion. Increased syndication with banks will be noticeable,” he added. In increasing supply throughout the year.

Over the year, market lenders’ share of assets under management increased by 25 percent compared to fiscal ’22. This contributed 50 percent, in value terms, to total assets under management as of March.

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

Last year, it also announced a partnership with Alphabet’s payment app, Google Pay, to help it get new lending opportunities from merchants.

On Thursday, Endevi also announced the appointment of former State Bank of India Chairman Rajneesh Kumar as an advisor. Kumar is also the Chairman of the Board of Directors of Bharatby.

As an advisor, he will engage with management on the company’s growth strategy and provide guidance in the financial services sector, Endive 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 its credit gap has been a serious problem for India. The progress Indifi is making in this regard is significant and impressive. Its ecosystem-based approach to lending has benefited from the appropriate intersection of digital platforms used by MSMEs And progress 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 stakeholders in the company,” he said.