Business-to-business (B2B) supply chain financing platform Mintifi has raised $110 million or a little over Rs 900 crore in a Series D round led by PremjiInvest with a participation from existing investors such as Norwest Venture Partners, International Finance Corporation (IFC) and Elevation Capital among others.
As per a report by ET, the fresh infusion also includes secondary transactions to provide liquidity to employees and early investors. The investment will enable Mintifi to expand its capital base for credit purposes to more than $600 million.
The Mumbai-based startup will utilize the funds to accelerate its supply chain financing and product line expansion. The proceeds will also be used in scaling up its offerings and upliftment of its technology platform.
Founded by Anup Agarwal, Ankit Mehta and Sanjoy Shome, Mintify is a B2B supply chain financing platform catering to the last mile distribution network. It offers payments solutions, invoicing and customized financing solutions to small and medium enterprises (SMEs) across industries.
Its services have been used by Tata Motors, Bridgestone Tyres, Berger Paints, Polycab, NIVEA, among others.
The startup has raised around $170 million to date including a Series C round of $40 million in February last year. Mintifi claims to have grown over 4X year-on-year (YoY), financing annualized purchases worth more than $1 billion.
On a monthly basis, it is disbursing $100 million in credit and expected to scale this to $350 million by March 2024. The average loan size is roughly about Rs 15 lakh.
During the last fiscal year, Mintifi’s revenue from operations jumped 2.7X to Rs 56.8 crore. As per the annual financial statement with the RoC, it posted Rs 1.02 crore profit in FY22 against Rs 13.26 crore loss in the previous year. The company is anticipating to generate Rs 60-80 crore profit in the ongoing fiscal (FY23).
Mintifi competes with the likes of KredX and B2B building materials marketplace OfBusiness’ arm Oxyzo.