Supply-Chain Financing Platform Mintifi Raises USD 180 Mn in Series E, Valuation Soars to USD 850 Mn The raised funding will enable Mintifi to diversify its product offerings, such as dealer management systems, loans against property, and factoring services, powered by artificial intelligence.

Supply-chain financing startup Mintifi has raised USD 180 million in a Series E funding round co-led by Teachers' Venture Growth (TVG), the venture arm of the Ontario Teachers' Pension Plan, and global investment firm Prosus. Existing investor Premji Invest also participated in the round, which included a mix of primary and secondary transactions.

The secondary transaction allowed investors to exit with an impressive 11X return on their capital. Additionally, it facilitated employee stock option plan (ESOP) liquidity, benefiting employees with monetised options.

The USD 180 million funding round included USD 100 million in primary capital and USD 80 million in secondary transactions. As part of the funding, Prosus acquired a 10.65% stake in Mintifi for USD 80 million, valuing the company at USD 850 million, according to the company's statement.

Following the infusion of capital, Mintifi's loan book has expanded significantly, growing from INR 1,100 crore in March 2023 to INR 2,600 crore. The company's revenue tripled in FY24 to INR 319.1 crore, up from INR 150 crore in the previous year, while its net profit surged to INR 97.8 crore.

Mintifi, founded in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, provides tailored financial solutions, including invoice financing and payment solutions to small and medium enterprises (SMEs). The platform primarily targets last-mile distribution networks, collaborating with over 300 brands like Asian Paints, Honda, TVS, and Parle Products.

This funding will enable Mintifi to diversify its product offerings, such as dealer management systems, loans against property, and factoring services, powered by artificial intelligence.

The company has also secured a factoring license from the Reserve Bank of India (RBI) and is in the process of building a team to operationalize this new segment.

"We are excited to further invest in our technology and expand our product suite, which will allow us to offer even more seamless and efficient solutions across B2B payments, financing, and inventory management," said Anup Agarwal, Co-founder and CEO of Mintifi.

Mintifi's growth trajectory has been impressive, with the company expecting a monthly revenue run rate of INR 45 crore, projecting annualised revenue of INR 600 crore with a net profit margin of 20-25%.

The company has also set its sights on a potential Initial Public Offering (IPO) within the next three years, depending on market conditions.

"Mintifi has carved out a niche in the industry with its anchor-led go-to-market strategy, a strong technology backbone, and end-use monitored products. With a highly experienced founding team and a solid balance sheet, the company is well-positioned to lead the supply chain financing space in India," said Apoorve Goyal, Managing Director at Prosus India.

Sarvanan Nattanmai, Partner at Premji Invest, added, "We are thrilled to increase our investment in Mintifi, which has firmly established itself as India's leading supply chain financing platform. The company's success is a testament to its strong credit underwriting, technology-driven approach, and robust growth."

Deepak Dara, Senior Managing Director and Head of India for Ontario Teachers' noted, "Mintifi's unique model of providing invoice-backed credit and its proprietary tech stack makes it a leader in this underpenetrated segment, and we are excited to partner with the team as they continue to scale and create long-term value."