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Siddharth Mahanot, Co-founder of Indifi Technologies, has stepped down from his executive responsibilities at the company.

Mahanot’s departure comes after more than nine years at Indifi, which he co-founded with Alok Mittal in 2016.

“It has been an extraordinary journey, building Indifi alongside Alok Mittal. I am proud of what we have accomplished together, turning Indifi into a leading digital MSME lender in India, recognised for its credibility and innovation within the ecosystem,” Mahanot stated in a LinkedIn post.

Mahanot said, although he is stepping away from day-to-day operations, he will remain involved as a shareholder and will continue to fulfill his responsibilities on the board. “I’m confident that under the strong leadership of Alok Mittal and Sangram Singh, and supported by the stellar leadership team, the company will continue to grow, thrive, and innovate,” he said.

As for his future plans, Mahanot mentioned, “I’m currently considering my options and will share more in due time.” He looks forward to staying connected with the company and its community.

Gurugram-based Indifi Technologies is a lending platform that enhances credit access and streamlines the loan process for businesses. Focused on MSMEs, it offers tailored credit products, improves risk assessment, and leverages MSME supply chain linkages to expand formal lending and support startups and small businesses.

As of December, the platform has disbursed over 96,000 loans across 400+ cities, amounting to a total disbursement value surpassing Rs 5,100 crore.

The firm is backed by various investors including British International Investment, OP Finnfund Global Impact Fund I, Omidyar Network India, Flourish Ventures and CX Partners.

Indifi Technologies appointed Sangram Singh as its new CEO in December 2023, following the appointment of Jasmeet Arora as Chief Growth Officer earlier this year.

The firm secured Rs 290 crore in its Series E funding round in June last year led by ICICI Venture to develop new lending products, expand customer access, and enable more segments.