Mintifi Secures $180M to Revolutionize Supply Chain Financing

Mumbai-based Mintifi, a platform in supply chain financing, has raised $180 million in a Series E funding round to disrupt B2B financing by offering innovative inventory financing solutions tailored for SMEs, with support from global investors like Prosus.

The funding was co-led by Teachers’ Venture Growth (TVG), the investment arm of Ontario Teachers’ Pension Plan, and global technology investor Prosus. Existing investor Premji Invest also contributed to the round, which included $100 million in primary capital and a secondary transaction that enabled early investors to exit with 11-12x returns.

Mintifi’s first investor, Lok Capital, fully exited the company, while International Finance Corporation (IFC) partially sold its stake. This fresh infusion values Mintifi at $850 million, reflecting its rapid growth and leadership in the B2B financing ecosystem.

“We are excited to partner with Ontario Teachers and Prosus to build India’s largest supply chain financing platform. This round validates our business model and enabled us to deliver approximately 11x returns to our early backers and provide liquidity for employees through ESOP buybacks,” said CEO Anup Agarwal.

Mintifi’s Path to Innovation

Founded in 2017 by Anup Agarwal, Sanjoy Shome, and Ankit Mehta, Mintifi empowers over 300 leading brands, including Asian Paints, Honda, Parle Products, and Shree Cement. The platform digitizes B2B payments, offers inventory financing, and provides customized solutions to small and medium enterprises (SMEs).

Mintifi’s innovative credit solutions allow distributors and retailers to procure inventory with deferred payment options. It also offers collateral-free business loans of up to Rs 50 lakh and loans against property, meeting diverse business needs across industries. The company is poised to expand into domestic and overseas factoring services for SMEs with its recent factoring license from the Reserve Bank of India (RBI).

Financial Milestones and Growth

Mintifi has demonstrated remarkable financial progress. The company turned profitable in FY23, recording a net profit of INR 25 crore. By FY24, its consolidated net profit surged to INR 97.8 crore, while total income rose to INR 330.86 crore. The company’s loan book expanded significantly, from INR 1,100 crore in March 2023 to INR 2,600 crore by year-end.

Currently processing invoices worth $3 billion annually, Mintifi aims to double this figure to $6 billion by FY26. Monthly credit disbursements are $100 million, with plans to scale to $400 million in 2024. Mintifi’s partnerships with Utkarsh Small Finance Bank, Fullerton India, and Muthoot Finance ensure robust credit distribution across its user base.

Mintifi’s tech-driven approach and “anchor-led” strategy position it as a leader in India’s supply chain financing sector. Apoorve Goyal, Managing Director at Prosus, commended the company’s strong balance sheet and market strategy. At the same time, Deepak Dara of TVG highlighted its innovation in streamlining last-mile distribution.

Mintifi competes with notable players like KredX, Oxyzo, Vayana, and Lendingkart. However, its focus on integrating AI-driven dealer management systems, personalized financing, and enhanced customer experiences gives it a competitive edge.

Looking Ahead: IPO on the Horizon

Mintifi has ambitious plans for the future, including an initial public offering (IPO) within the next three years, contingent on market conditions. The company aims to leverage the recent funding to diversify its offerings, expand its user base, and enhance operational capabilities.

With a clear vision, financial strength, and innovative solutions, Mintifi is redefining the B2B financing landscape, fostering growth for SMEs and transforming supply chain efficiency in India.

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