SUMMARY
- Siddharth Mahanot steps down as Indifi co-founder after nine years, remains a shareholder and board member.
- Alok Mittal and CEO Sangram Singh will assume leadership roles during this transition.
- Indifi has disbursed over 96,000 loans worth ₹5,100 crore and aims to expand into supply-chain financing and secured lending.
Siddharth Mahanot, co-founder and executive director of digital lending platform Indifi, has announced his resignation after a successful nine-year tenure at the fintech firm. Mahanot’s departure marks a significant transition for the company, which is backed by prominent investors, including Accel and ICICI Venture.
In a LinkedIn post, Mahanot expressed gratitude for his time at Indifi, stating, “After more than nine incredible years as a co-founder, I have decided to step down from my executive responsibilities at the end of this month.” He assured stakeholders that he would remain involved as a shareholder and continue his board responsibilities. Mahanot is expected to take time off to explore new interests and opportunities, although specific plans have not been disclosed.
Following Mahanot’s exit, co-founder Alok Mittal and newly appointed CEO Sangram Singh are poised to take on enhanced leadership roles. Mahanot expressed confidence in their ability to steer the company forward, emphasizing the strength of the existing leadership team.
Indifi, based in Gurugram, operates as a non-banking finance company (NBFC) specializing in providing instant business loans and working capital finance to MSMEs and direct-to-consumer (D2C) brands. The platform currently boasts an active loan book of ₹2,000 crore, with 50% of funding sourced from its in-house NBFC. Indifi has successfully disbursed over 96,000 loans amounting to ₹5,100 crore across 400 cities.
In December 2023, Indifi appointed Sangram Singh, a former executive at Axis Bank, as CEO. Singh is tasked with scaling up the core platform and overseeing critical functions such as product development, distribution, lending partnerships, treasury, risk, and technology. Under his leadership, the company aims to explore new business lines, focusing on supply-chain financing and secured lending products for future growth. Additionally, former Paytm vice president Jasmeet Arora has joined as chief growth officer to drive these initiatives.
Earlier this year, Indifi secured ₹290 crore in a funding round led by ICICI Venture, with participation from existing investors, underscoring the confidence in its growth trajectory.
