Mintifi Secures $180 Million to Expand Its Supply Chain Financing Platform In a major boost for the fintech sector, Mumbai-based Mintifi, a leading B2B lending and supply chain
In a major boost for the fintech sector, Mumbai-based Mintifi, a leading B2B lending and supply chain financing platform, has raised $180 million in its Series E funding round. This round was co-led by Teachers’ Venture Growth (TVG) and Prosus, with participation from existing investor Premji Invest.
This funding marks an important milestone for Mintifi, which has now raised more than $1 billion in equity and debt capital since its inception. The fresh capital will help Mintifi expand its presence across key sectors and continue to strengthen its position in the fast-growing supply chain financing segment. Additionally, the company plans to leverage artificial intelligence (AI) to further enhance its offerings and user experience.
Founded in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, Mintifi provides supply chain financing solutions to small and medium enterprises (SMEs) in India. The platform offers services like advanced receivables management, invoicing, collections, and risk management. Mintifi helps businesses, especially SMEs, access the financial support they need to keep their operations running smoothly and scale up effectively.
Through its platform, Mintifi partners with large corporations like Tata Motors, Nivea, and Page Industries to digitize and streamline their supply chain operations, making it easier for SMEs to manage their financial transactions and access working capital.
The company’s core focus is on solving the financing challenges faced by small businesses, helping them grow by providing easier access to credit, especially in a country where financing options for SMEs are often limited.
Mintifi’s latest Series E funding round, which raised $180 million, was a mix of primary and secondary transactions. The round was co-led by Teachers’ Venture Growth (TVG), the venture capital arm of the Teachers’ Pension Plan of Ontario, and Prosus, the global consumer tech investor.
In addition to TVG and Prosus, Premji Invest, an early backer of Mintifi, also participated in the round. Notably, Prosus revealed that it had acquired a 10.65% stake in Mintifi with its $80 million investment, signaling strong investor confidence in Mintifi’s long-term growth prospects.
As part of the deal, two new board members will join Mintifi: Darius Vakil, Director at TVG India, and Apoorve Goyal, Managing Director at Prosus India. Their expertise will be valuable as Mintifi looks to scale its operations and expand into new sectors.
Mintifi has ambitious plans for the funds raised in this Series E round. The company intends to deploy the capital to:
By expanding its offerings and incorporating AI, Mintifi aims to enhance its ability to serve businesses more efficiently and position itself as a leader in the supply chain financing space.
Mintifi’s platform plays a crucial role in addressing the financial gaps in India’s SME sector. The company has already provided over 16,500 loans to SMEs, helping businesses across the country access essential financing.
Through its partnerships with large corporations, Mintifi has digitized the supply chain operations of major brands, creating a seamless financial ecosystem that supports the growth of small businesses. This is particularly important in a country like India, where SMEs often struggle with limited access to credit and financing options.
With the new funds, Mintifi aims to continue its mission of supporting India’s growing SME sector and making financing more accessible to businesses in Tier 2 and Tier 3 cities, which often face even greater barriers to accessing capital.
Mintifi has shown strong financial growth, making a significant leap in 2023. The company reported a net profit of INR 25 crore for the fiscal year 2023, reversing its previous year’s loss. Revenue surged by an impressive 278.3%, reaching INR 227 crore from INR 60 crore in FY22. This growth demonstrates the increasing demand for Mintifi’s services and its ability to scale effectively.
This impressive growth trajectory, along with its $180 million funding, solidifies Mintifi’s position as one of India’s leading fintech players, especially in the B2B lending and supply chain financing segments.
Since its launch in 2017, Mintifi has rapidly grown to become a trusted partner for SMEs and large corporations alike. The startup has already partnered with several key industry players and raised over $1 billion in equity and debt financing.
Last year, Mintifi raised $110 million in its Series D funding round, which helped the company expand its B2B payments vertical, dealer management system, and tech stack. Now, with the fresh $180 million in Series E funding, Mintifi is all set to continue its growth story.
With a strong leadership team, a growing portfolio of clients, and solid financial backing, Mintifi is poised for even greater success in the coming years.
As Mintifi embarks on its next phase of growth, the $180 million funding from TVG, Prosus, and other investors will serve as a strong foundation for expanding its services and incorporating new technologies like AI. The company’s focus on strengthening its position in the supply chain financing segment and broadening its product offerings will play a critical role in helping SMEs across India.
Mintifi’s success story highlights the significant role fintech startups are playing in bridging the financing gap for SMEs and transforming the financial landscape in India. With continued support from investors and a clear vision for growth, Mintifi is well-positioned to remain a key player in India’s fintech ecosystem for years to come.
