B2B supply chain financing platform Mintifi raised $110 M Series D funding
Mintifi, a business-to-business (B2B) supply chain financing platform, raised $110 million, or just over Rs 900 crore, in a Series D round that was led by PremjiInvest and included participation from current investors including Norwest Venture Partners, the International Finance Corporation (IFC), Elevation Capital, and others.
The new influx also includes secondary sales, according to a report by ET, to give staff and early investors liquidity. With the investment, Mintifi will be able to increase the size of its capital base for loans to more than $600 million.
The business, which is located in Mumbai, will use the money to finance its supply chain more quickly and expand its product offering. Also, the money will go toward expanding the company’s product line and improving its technological foundation.
The B2B supply chain finance platform Mintify was established by Anup Agarwal, Ankit Mehta, and Sanjoy Shome to serve the last-mile distribution network. It provides small and medium companies (SMEs) across sectors with payment solutions, invoicing tools, and tailored finance options.
Among others, Tata Motors, Bridgestone Tires, Berger Paints, Polycab, and NIVEA have all utilised their services.
The business has so far received over $170 million, including a $40 million Series C investment in February of last year. According to Mintifi, it has increased by over 4X year over year (YoY), funding yearly transactions totaling more than $1 billion.
It is now disbursing $100 million in credit every month and is anticipated to increase this to $350 million by March 2024. The typical loan amount is about Rs. 15 lakhs.
Mintifi’s operating revenue increased 2.7X to Rs 56.8 crore over the previous fiscal year. In FY22, it reported a profit of Rs. 1.02 crore compared to a loss of Rs. 13.26 crore the year before, according to the annual financial statement filed with the RoC. In the current fiscal year, the firm expects to make a profit of Rs 60-80 crore (FY23).
Competitors of Mintifi include KredX and Oxyzo, a B2B marketplace for building products owned by OfBusiness.
