Indifi offers restaurant owners unsecured loans
Provides 15% of loan disbursements to level three and four cities
Indifi has authorized restaurateurs with unsecured loans this holiday season. The company said it has disbursed more than 37,000 loans, including about 25 percent of restaurants.
The fintech platform caters to both restaurants and delivery restaurants and is now also expanding into cloud kitchens. The average loan size for this segment is four to five lakh rupees and about 15 percent of loan disbursements go to tier three and four cities. Even though catering is a risky industry, 40 percent of loans to restaurants have been made for less than two years. Much of this is due to Indifi’s ecosystem approach, where partnerships with leading technology aggregators such as Swiggy and Zomato have supported efforts to enable funding for creditworthy restaurants.
“At Indifi, we have always strived to financially empower underserved small and medium-sized businesses that have difficulty accessing credit. The current holiday and cricket season is a great opportunity for these new restaurateurs to take advantage of the long awaited drought in the area and we are happy Indifi is contributing to this change in their lives, ”said Alok Mittal, CEO and Co-founder, Indifi.
He continues, “In the future to come, we are looking to expand the reach of existing partnerships and build relationships with new aggregators in this space. The restaurant business is starting to pick up again, our objective will be to respond to new players in the sector. “
A large part of the loans disbursed by Indifi were used by restaurateurs for the renovation of their point of sale (s) or for the opening of new points of sale. The amount was also used for debt clearance, internal payments and the marketing of the brand during the holiday season.