December 10, 2024: Mintifi, a supply chain financing firm has successfully secured $180 million in a Series E funding round in a combination of primary and secondary transactions. This enables early investors with an 11X exit. The round also facilitated ESOP liquidity for employees, the company said in a statement.
The fresh infusion of capital will also back the financing firm’s next phase of expansion into dealer management systems, loans against property, and factoring services, furthermore integrate AI for enhanced corporate solutions.
According to the firm The entire “Corporate to Distributor to Retailer” supply chain ecosystem in India is worth $450 bn and is growing exponentially with millions of SMEs becoming a part of this ecosystem.
Mintifi enables the purchase financing experience across the distribution network upto the last mile by offering them flexible and affordable financing options.
Anup Agarwal, Co-founder and CEO at Mintifi expressed “This round of financing will further help us in building cutting-edge tech solutions to deliver even more seamless, efficient solutions for our customers across B2B payments, financing and inventory management.”
Mintifi Scores Investment to Drive Innovation in Supply Chain Finance
Apoorve Goyal, Managing Director, Prosus, India, commented “Mintifi has carved out a niche over the last few years through its compelling, end-use monitored supply chain finance product; a unique anchor-led go-to-market strategy, and a strong technology backbone to drive scale and superior user experience. With a highly experienced founding team helmed by Anup, Sanjoy and Ankit, and a healthy balance sheet to boot, we believe that Mintifi is well poised to become a leader in the supply chain financing industry in India.” .
In its annual report, Prosus reported it had bought a 10.65% stake in the supply chain finance fintech earlier in October for approximately $80 million. “In October 2024, the group acquired a 10.65% effective interest in the supply chain financing firm for approximately $79.9 million. Mintifi is a leading supply chain finance fintech in India.
The group will account for this investment as an equity-accounted associate on account of its significant influence on the board of directors,” the investor said in a statement.
Sarvanan Nattanmai, Partner, Premji Invest stated, “We are excited to double down on our investment in Mintifi as it delivers contextual and frictionless credit products to Indian SMEs using technology and disciplined credit underwriting with strong endorsement by participants across the value chain. With its formidable client roster and robust growth and economics, the supply chain financing firm has firmly established its position as India’s leading supply chain financing platform. We are privileged to strengthen our partnership with Anup and the Mintifi team in the next phase of their growth journey.”
The funding round was co-led by Teachers’ Venture Growth (TVG), the venture fund of Canadian pension fund Ontario Teachers’ Pension Plan, and Prosus, with participation from Premji Invest.
The financing platform earlier raised $110 million in its Series D funding round led by Premji Invest, with participation from Norwest Venture Partners, Elevation Capital, and International Finance Corporation.
