Norwest and Elevation Capital lead a $40 million fundraising round for Mintifi.
- ByStartupStory | February 8, 2022
Mintifi, a digital financing platform for wholesalers and retailers, announced on Tuesday that it has secured $40 million (approximately Rs 298.6 crore) in a new investment round headed by Norwest Venture Partners and Elevation Capital.
The cash will be used to improve the company’s existing technical infrastructure, expand into fresh services, and grow its personnel.
Mintifi, which was founded in 2017, works with corporations to meet the working capital requirements of business distributors by providing zero-interest short-term loans for up to 90 days. Since its start, the organization has worked with companies in ten industries, including automotive, FMCG, kitchenware, and fashion, and has amassed a loan book of over Rs 2000 crore.
Mintifi now has over 100 corporate clients on its own network and lends to over 9000 wholesalers and distributors. Last month, it received loan disbursements of Rs 160 crore. Mintifi plans to use the funds to accelerate its expansion and increase monthly payouts to Rs 500 crore by March 2023. Over the following 12 months, it plans to increase its overall distribution resource to $1 billion (approximately Rs 7500 crore) and recruit 150 personnel to its operations team.
Mintifi wants to broaden its products by providing full-stack services to corporate manufacturers, such as warehousing, distribution, and logistics. It also wants to broaden its services to include new-age direct-to-consumer companies, assisting them in connecting with distributors and providing end-to-end logistics services.
Mintifi’s financial advisor on the acquisition was Avendus Capital. International Finance Corporation (IFC) and Lok Capital are two other investors in Mintifi.
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