Premji Invest leads $110M Series D funding round for Mintifi
- ByStartupStory | March 8, 2023
Mintifi, a platform for financing supply chain operations, has secured $110 million in a Series D funding round led by Premji Invest, with participation from existing investors such as Norwest Venture Partners, Elevation Capital, and International Finance Corporation (IFC).
With the latest investment of $110 million in the Series D funding round, Mintifi plans to increase its capital base to more than $600 million.
According to a statement, Mintifi intends to use the funds to not only enhance its new services like business-to-business (B2B) payments and dealer management systems but also to broaden its presence in crucial sectors.
The Mumbai-based company aims to strengthen its technology infrastructure and establish a complete range of fulfilment products, creating an ecosystem to improve engagement across the entire supply chain network.
Anup Agarwal, Co-founder and CEO of Mintifi, stated in a press release that “the company’s distinctive plug-and-play methodology enables it to quickly scale up by accessing the substantial outstanding receivable pool of major corporations while remaining profitable”. He further added that the latest funding round would enable the company to accelerate its expansion plans, hire more talent, and offer more value to its clients.
Established in 2017, Mintifi provides financing options to distributors and retailers, as well as solutions for digital payments, electronic invoicing, and payments. The company’s digital lending platform has reported a growth rate of over 4 times year-on-year, with an annualised purchases financed exceeding $1 billion, and an anticipated increase to $3 billion by the end of the 2023-24 financial year.
Mintifi collaborates with over 100 Indian firms, including well-known names like Tata Motors, Finolex, TVS Motorcycles, Bridgestone, Berger Paints, Parle Agro, Varun Beverages, Jockey, and Prince Pipes.
The B2B enterprise had previously raised $40 million in a Series C funding round, led by Norwest Venture Partners and Elevation Capital in February 2022.
According to Tracxn, a private market data platform, Mintifi’s post-money valuation was $123 million on February 17, 2022. Prior to this investment, Mintifi has raised a total of $175 million in equity and debt, as per the company’s statement.
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