Mintifi, a supply chain financing fintech startup, is reportedly in discussions to raise $60 million in funding, which would double its existing valuation. According to sources, the company is aiming for a pre-money valuation of $350 million, with the fresh capital infusion earmarked to expand its lending book to as much as $1 billion.
The International Finance Corporation (IFC)-backed platform has hired investment bank Avendus Capital as the exclusive financial advisor for the deal. However, Mintifi and Avendus have declined to comment on the matter, and YourStory has not been able to independently verify the report.
This potential round of funding comes a year after the startup raised $40 million in its Series C round, led by Norwest Venture Partners and Elevation Capital, valuing the company at about $150 million-$200 million. The funds were used to build Mintifi’s tech infrastructure and expand its product offerings.
Founded in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, Mintifi provides digitised payment, invoicing, and purchase financing solutions for distributors and retailers. The startup offers a buy now pay later (BNPL) platform for small and medium-sized enterprises (SMEs), a plug-and-play solution through its co-lending platform, and is building an end-to-end fulfilment platform for the supply chain network across industries.
Mintifi claims to work with over 100 leading brands across India, including Bridgestone Tyres, NIVEA, Tata Motors, Polycab, Berger Paints, and Jockey. With the potential new funding, the company aims to expand its lending book and further develop its digital platform, which could help drive higher efficiency and faster growth in its supply chain network.
As the COVID-19 pandemic continues to affect businesses worldwide, the need for financing solutions is increasing, especially for SMEs. Mintifi’s digital solutions can help streamline payments and provide easier access to financing for businesses, which could further fuel its growth in the coming years.
According to the company – The entire “Corporate –> Distributor –> Retailer” supply chain ecosystem in India is worth $450 bn and is growing exponentially with millions of SMEs becoming a part of this ecosystem. However, access to collateral free financing for buying inventory has always remained a challenge for SMEs impacting their growth and profitability.
Mintifi’s vision is to transform the purchase financing experience across the distribution network upto the last mile by offering them flexible and affordable financing options. Plus, an end-to-end electronic invoicing and payment solutions.