Supply-chain financing platform Mintifi has raised USD 110 million in a funding round led by Premji Invest along with participation from existing investors.
Existing investors — Norwest Venture Partners, Elevation Capital and the International Finance Corporation (IFC) participated in the Series D funding round. The city-based startup, which was founded in 2017, by Anup Agarwal, Ankit Mehta and Sanjoy Shome, had raised USD 175 million equity and debt earlier. The funding will enable it to expand the capital base to over USD 600 million and help deepen its business network with its brand partners, Mintifi said.
The fund infusion will be used to deepen its presence across key sectors and consolidate its market leadership in downstream supply chain financing, Mintifi added. Further, the company will also use the money to expand on its new offerings like business-to-business (B2B) payments, dealer management systems apart from bolstering its tech infrastructure. Mintifi works with over 100 leading brands including Tata Motors, Jockey, Finolex, Varun Beverages, Parle Agro, TVS Motorcycles, Bridgestone, Prince Pipes and Berger Paints among others, to unlock their supply chain by digitizing payments, invoicing and purchase financing solutions for their distributors and retailers.
Cofounder and chief executive of Mintifi Anup Agarwal said they capitalize on their proprietary flow-based underwriting model with a plug-and-play approach which allows them to scale rapidly by tapping into huge outstanding receivable pools of corporates while maintaining profitability. This funding, advised by Avendus Capital, will allow them to accelerate growth, expand the team, and deliver greater value to customers, he added without disclosing how much Premji Invest and others have pumped in.