Mintifi Powers Up Digital Lending Business with $110 Mn Investment

Mintifi, an Indian supply chain financing platform, has secured $110 million to accelerate its presence in key sectors and enhance its offerings, such as business-to-business (B2B) payments and dealer management systems.

Mintifi further aims to strengthen its tech infrastructure to build an ecosystem of end-to-end fulfilment products to improve engagement across the supply chain network through this fresh capital infusion.

“Our unique plug-and-play approach allows us to scale rapidly by tapping into a huge outstanding receivable pool of blue-chip corporates while maintaining profitability. This round of funding will allow us to accelerate our growth, expand our team, and deliver even greater value to our customers,” said Anup Agarwal, Co-founder and CEO of Mintifi.

Mintifi said it has grown over 4X year-on-year

The company, established in 2017, offers financing options to distributors and retailers, payments digitisation, and electronic invoicing and payment solutions. According to the company, it has grown over four times year-on-year “with annualised purchases financed of over $1 billion”, which is expected to reach $3 billion by the end of the financial year 2023-24. Mintifi works with over 100 Indian companies, including Tata Motors, Berger Paints, and Parle Agro.

Mintifi’s post-money valuation was $123 million as of February 17, 2022, according to private market data platform Tracxn. The company raised $40 million in a Series C round led by Norwest Venture Partners and Elevation Capital in February 2022. Avendus Capital advised the company on the latest funding round, bringing the company’s total capital base to over $600 million.

The funding will be used to expand the firm’s offerings, particularly in the B2B sector. The company will also strengthen its tech infrastructure and build an ecosystem of end-to-end fulfilment products to enhance engagement across the supply chain network. The new funding round will enable Mintifi to accelerate its growth and expand its team, delivering even greater value to its customers.

“The supply chain financing market has seen significant growth in recent years, driven by the increasing need for businesses to access financing that is flexible, efficient, and cost-effective,” said Anshul Agarwal, Executive Director of Avendus Capital. “Mintifi has been at the forefront of this trend, building a strong reputation for delivering innovative financing solutions that meet the needs of businesses across a wide range of sectors.”

Digital Lending Firm’ss ability to scale rapidly by tapping into a vast outstanding receivable pool of blue-chip corporates while maintaining profitability is one of its unique selling points. By offering flexible and cost-effective financing solutions, Mintifi has become a trusted partner for many Indian companies.

The latest funding round is a testament to the company’s growth and potential in the supply chain.

The funding for the Series D funding was led by Premji Invest, with participation from Norwest Venture Partners, Elevation Capital, and International Finance Corporation (IFC).

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