Singh, who has also been the chief executive of Axis Bank subsidiary and digital payments app Freecharge, will be responsible to scale Indifi’s core platform, and will overlook key functions including product, distribution, lending partnerships, treasury, risk and technology.
He will report to Indifi cofounder and managing director Alok Mittal.
Following Singh’s appointment, Mittal will look at building newer business lines as the platform starts focusing on supply chain financing and secured lending products, as its next frontier of growth.
“At Indifi, we continue to see a compelling opportunity to continue serving MSMEs. We are happy to bring someone with the experience of Sangram, who has already been part of several cycles of scale. He will now be looking to scale up the Indifi platform,” said Mittal in an interaction with ET.
This is Singh’s second stint with Indifi. He previously served as company president for a year between 2019 and 2020. Post that, he went on to head the commercial banking group at Axis Bank.
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Founded in 2015, Gurgaon-based Indifi provides debt financing to small businesses through term loans and credit lines. Its annual disbursals range around the Rs 2,500 crore mark. At present, a little over 80% of its overall revenues comes from its term loan product, and another 15% from credit lines. It hopes to scale newer products including supply chain and purchase financing to 25% of its overall revenues in the next three years.
The platform has an active loan book of Rs 2,000 crore, with almost half of it being funded from its in-house non-banking finance company (NBFC).
Till date, Indifi has disbursed over 96,000 loans across 400 cities, amounting to a total disbursal value of over Rs 5,100 crore, the company said.