India’s lending network for small businesses has increasingly become reliant on the growing sector of non bank lenders; the non bank market has been steadily increasing loan books by 25 percent per year as bank lending has not increased according to data from Edelweiss Financial Services; access to non traditional forms of data has helped non banks to be able to better asses borrower risk instead of using income taxes which were seen an unreliable. Source.
Indian online multi-lender Indifi has raised $10 million in a Series B funding round led by Omidyar Network; the multi-lender specializes in connecting micro, small and medium-sized businesses with a network of lending institutions; the firm intends to use the funds for expanding and improving its products and technology. Source