Mumbai-based supply chain financing platform Mintifi has made headlines by raising $180 million (₹1,494 crore) in a Series E funding round, marking a significant milestone for the company and India’s burgeoning fintech ecosystem. The round was co-led by Teachers’ Venture Growth (TVG), the late-stage venture arm of Ontario Teachers’ Pension Plan, and Prosus, alongside existing investor Premji Invest.
Credits: The Economic Times
A New Milestone in Large-Ticket Deals
This funding signals the resurgence of large-ticket investments in India’s startup ecosystem, with Mintifi standing out as a strong player in the supply chain finance sector. Notably, this round also provided an 11x return for early backers and liquidity through ESOP buybacks, reinforcing confidence in Mintifi’s scalable business model.
A Proven Track Record of Growth
Founded in 2017 by Anup Agarwal, Sanjoy Shome, and Ankit Mehta, Mintifi enables over 300 brands, including Asian Paints, Parle Products, Honda, and Shree Cement, to digitize B2B payments, manage credit, and access inventory financing. It also supports distributors and retailers by providing working capital loans and offering credit for inventory purchases.
Through its tech-driven platform, Mintifi has established itself as a key enabler of financial inclusion for small and medium enterprises (SMEs). As of now, it processes over $3 billion (₹24,900 crore) in invoices annually, with plans to double this figure to $6 billion (₹49,800 crore) by FY26.
Strengthening Supply Chain Finance Solutions
Mintifi’s comprehensive product offerings include:
Inventory Financing: Providing a credit line of up to ₹2 crore to businesses purchasing inventory directly from brands.
Collateral-Free Loans: Offering up to ₹50 lakh to small businesses.
Loans Against Property: Catering to SMEs seeking larger financing options.
Factoring Services: Covering both domestic and international transactions.
The company operates through its Non-Banking Financial Company (NBFC) arm, Mintifi Finserve Private Limited, and collaborates with partners like Utkarsh Small Finance Bank, Fullerton India, and Muthoot Finance to deliver credit.
Scaling Profitability and Market Impact
Mintifi achieved profitability in FY23, recording a net profit of ₹25 crore, which surged to an adjusted profit of ₹97.8 crore in FY24. With a total income of ₹330.86 crore in FY24, Mintifi’s financial performance underscores its operational efficiency and ability to scale.
The firm disburses around $100 million in credit monthly, with plans to quadruple this figure to $400 million and grow its loan book to over $1 billion (₹8,300 crore) in the near term.
Credits: Marca Money
Competitive Landscape
Mintifi operates in a highly competitive environment, facing rivals like KredX, Oxyzo, Cashflo, and Vayana in invoice discounting, as well as InCred, Lendingkart, and Flexiloans in the working capital loans space. Despite this, the company’s anchor-led strategy and robust technological platform have distinguished it as a leader in the supply chain finance market.
Investor Confidence and Strategic Vision
Commenting on the funding, Anup Agarwal, CEO of Mintifi, expressed excitement about partnering with Ontario Teachers’ and Prosus, stating that the round validates the company’s business model and long-term vision. Deepak Dara, Senior Managing Director for Ontario Teachers’ in India, highlighted Mintifi’s innovative tech-driven approach as a game-changer for the sector. Meanwhile, Apoorve Goyal, Managing Director at Prosus, praised Mintifi’s strong balance sheet and unique market positioning.
Fueling Future Growth
Mintifi intends to use the additional funding to increase its market share, improve its technology, and broaden its range of products. The company’s goal is to become the biggest supply chain finance platform in India, helping SMEs close financial gaps and promoting efficiency and digitization in the B2B sector.
With big capital rounds making a comeback in the Indian startup scene, Mintifi’s triumphant Series E round establishes a standard and solidifies its role as a vital facilitator of supply chain transformation and financial inclusion. The company is well-positioned to revolutionize the supply chain finance industry in India and establish new benchmarks for fintech innovation and profitability as it prepares for exponential development.
