Mintifi, a supply chain financing platform, has raised $110 million in a Series D funding round led by Premji Invest and included participation from current investors, including Norwest Venture Partners, Elevation Capital, and International Finance Corporation (IFC).
Mintifi said that this new fund infusion would enable it to expand its capital base to over $600 million.
The Mumbai-headquartered company will use the funds to expand its presence in some key sectors and improve its new offerings, such as business-to-business (B2B) payments and a dealer management system, it said in a statement.
It aims to strengthen its tech infrastructure and build “an ecosystem of end-to-end fulfilment products” to “enhance engagement across the supply chain network”.
“Our unique plug-and-play approach allows us to scale rapidly by tapping into huge outstanding receivable pool of blue-chip corporates while maintaining profitability. This round of funding will allow us to accelerate our growth, expand our team, and deliver even greater value to our customers,” said Anup Agarwal, Co-founder and CEO at Mintifi, in a press note.
The company, founded in 2017, offers financing options to distributors and retailers in addition to services like electronic invoicing, payment solutions, and payment digitization.
The digital lending platform said it has grown over 4X year-on-year “with annualized purchases financed of over $1 billion”, expected to reach $3 billion by the end of the financial year 2023-24.
Mintifi works with over 100 Indian companies, such as Tata Motors, Finolex, TVS Motorcycles, Bridgestone, Berger Paints, Parle Agro, Varun Beverages, Jockey, and Prince Pipes.
In February 2022, the B2B company raised $40 million in Series C funding, led by Norwest Venture Partners and Elevation Capital. As of February 17, 2022, the private market data platform Tracxn evaluated its post-money value as $123 million.
The company reported that it had received $175 million in equity and debt before this round.