“Last quarter, we returned to profitability. This is a one-off impact and not a prolonged period of losses,” Mittal said, adding that the company had also moved to an expected credit loss framework, which led to higher provisions on the balance sheet.
Indifi remains heavily focused on the MSME segment, which forms the core of its loan portfolio. On concerns about potential tariffs affecting exporters, Mittal noted: “Exporters represent less than 5% of our exposure, so we do not anticipate a direct impact of tariffs on our customers. However, we are looking at second-order effects throughout the value chain.”
The company has diversified its offering in recent years. Direct-to-consumer (D2C) lending now makes up around 20% of its portfolio, while supply chain finance contributes 6-8%. Mittal explained that the new products aim to exploit the cross-selling potential between existing customers. “D2C is a two-year-old initiative and has reached 20%. Supply chain finance is a one-year-old initiative, at around 6-8%. We have also launched a loan against property mortgage business, which has been in existence for six months. Together, these verticals are expected to account for around 20-25% of the business in three years’ time,” he said.
Indifi Tech’s total assets under management (AUM) currently stand at around ₹2,000 crore across its NBFC and marketplace platform. After a period of credit consolidation, the company is now focused on growth. “Over the next six months, the effort will be to revive growth and get back on a strong trajectory for the next two to three years,” Mittal said.
Asked about capital raising and IPO plans, Mittal confirmed that Indifi is currently well capitalized and has no immediate plans to go public. “From a private fundraising perspective, we are sufficiently capitalized for at least the next 12 months of growth. As we begin to generate growth, we will simultaneously think about how to capitalize for the next phase,” he said.
