Supply-chain financing leader Mintifi has successfully raised $180 million in its latest Series E funding round, propelling its valuation to an impressive $850 million.
The funding round was co-led by Teachers’ Venture Growth (TVG) and Prosus, with continued support from existing investor Premji Invest.
The round included $100 million in primary capital, with Prosus contributing $80 million as part of the total investment. Additionally, a secondary transaction provided significant returns for early investors, with Lok Capital exiting the venture and the International Finance Corporation (IFC) reducing its stake. This transaction also allowed Mintifi employees to benefit through monetized ESOPs.
The fresh capital will enable Mintifi to diversify its suite of financial solutions, including dealer management systems, loans against property, and factoring services. The company plans to integrate advanced artificial intelligence to enhance customer experiences and streamline its processes.
With the recent acquisition of a factoring license from the Reserve Bank of India (RBI), Mintifi is assembling a dedicated team to launch this new business vertical. The move further solidifies the company’s position as a leader in supply-chain financing for small and medium enterprises (SMEs).
Since its inception in 2017, Mintifi has been revolutionizing last-mile distribution by offering tailored payment and financing solutions to SMEs. Collaborating with over 300 notable brands like Asian Paints, Honda, TVS, and Parle Products, the company’s footprint spans multiple industries.
Mintifi’s financial performance has been exceptional. The company’s loan book surged from ₹1,100 crore in March 2023 to ₹2,600 crore. Its revenue has seen significant growth, tripling from ₹150 crore in FY23 to ₹319.1 crore in FY24. Moreover, Mintifi achieved a net profit of ₹97.8 crore and anticipates reaching an annualized revenue of ₹600 crore with profit margins of 20-25%.
Having raised a total of $350 million to date from investors such as Premji Invest, Norwest Venture Partners, Elevation Capital, and IFC, Mintifi has ambitious plans for the future. The company is gearing up for an initial public offering (IPO) within the next three years, subject to favorable market conditions.
Mintifi’s CEO and co-founder, Ankit Mehta, expressed optimism about the funding round, stating, “This investment reflects the growing confidence in our ability to address the challenges of SME financing through innovative solutions. We are excited to scale our operations and make a greater impact on India’s supply-chain ecosystem.”
Mintifi operates in a competitive landscape, facing peers like Oxyzo, InCred, Kinara Capital, and NeoGrowth. However, its strategic investments in technology and diversified offerings position it as a front-runner in India’s rapidly evolving SME financing sector.
With its sights set on innovation and expansion, Mintifi is poised to redefine how supply-chain financing serves India’s small and medium enterprises, driving sustainable growth for businesses across the country