Modifi targets $50 crore in loans to T’gana, AP SMEs

Berlin-headquartered fintech startup,Modifi on Tuesday said it has set a target to disburse $50crore in trade finance to SMEs in Telangana and Andhra Pradesh over the next two to three years. The startup also plans to expand its physical presence in India by opening an office in Hyderabad by end of 2024.

From 2019, Modifi has financed $1.5billion trade of SMEs in India, out of which 15 per cent of the business share has been contributed by SMEs from Telangana and Andhra Pradesh. The platform has served over 2,000 SMEs from these Telugu two states.For the last financial year, the loan book of Modifi India stood at $25 crore

.Globally, the startup has financed trade of companies, SMEs across 55 countries upto the tune of $2.5 billion. Sachin Nigam, Country Head, Modifi India, said: “Telangana and Andhra Pradesh are one of our important markets. Our target is to finance SMEs in these States with $50crore over the next two to three years.We will also be adding an office inHyderabad in the next six to nine months.As our operations are completely digital we will begin with employing five to eight people.