Indifi Tech returns to profitability, AUM at ₹2,000 crore; no near-term IPO plans, says MD Alok Mittal

Fintech lending platform Indifi Tech has returned to profitability after reporting a temporary increase in losses last year, Co-Founder and MD Alok Mittal told CNBC-TV18 on the sidelines of the Global Fintech Festival. The company’s revenue grew 22% last year to about ₹360 crore, while losses widened to ₹45 crore, primarily due to the negative credit cycle that affected the entire industry.

“Last quarter we came back to profitability. This was a one-off impact and not an extended period of losses,” Mittal said, adding that the company had also transitioned to an expected credit loss framework, which led to higher provisioning on the balance sheet.

Indifi remains heavily focused on the MSME segment, which forms the core of its lending portfolio. On concerns about potential tariffs affecting exporters, Mittal noted, “Exporters form less than 5% of our exposure, so we don’t anticipate a direct impact of tariffs on our customers. However, we are looking at second-order effects across the value chain.”

The company has been diversifying its offerings 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 new products are aimed at leveraging cross-sell potential among existing clients. “D2C is a two-year-old initiative and has grown to 20%. Supply chain finance is a one-year-old initiative at about 6-8%. We’ve also started a loan-against-property mortgage business, which is six months old. Together, these verticals are expected to account for about 20–25% of the business in three years,” 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 focusing on growth. “In 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.

When asked about capital raising and IPO plans, Mittal confirmed that Indifi is currently well-capitalised and has no immediate plans to go public. “From a private fundraise standpoint, we are adequately capitalised for at least the next 12 months of growth. As we start delivering growth, we will simultaneously think about how to capitalise ourselves for the next phase,” he said.Read about our editorial guidelines and ethics policy