Mintifi, a rapidly growing digital lending platform, is on the verge of securing a fresh $100 million funding round, with major players like Ontario Teachers’ Pension Plan (OTPP), Bain Capital, and Advent International showing strong interest.
This new round is poised to bolster Mintifi’s expansion efforts, particularly in digitizing supply chains and extending credit facilities to a wide range of businesses, from large corporations to small and medium enterprises (SMEs).
According to sources, nearly 20 investors are eager to participate in this round, underscoring the strong market confidence in Mintifi’s business model and financial performance. However, the final details of the funding round are still being negotiated, with Mintifi carefully considering the valuation being offered before making any definitive decisions.
Mintifi has built a solid reputation by partnering with industry giants like Tata Motors, Nivea, and Page Industries, the exclusive licensee for Jockey in India. The company’s platform helps these large corporations streamline their supply chains by offering credit to distributors and retailers, allowing them to procure inventory with flexible payment terms. This innovative approach has made Mintifi an attractive option for companies looking to enhance their supply chain efficiency while also providing financial flexibility to their partners.
In March 2023, Mintifi successfully raised $110 million in a round led by Premji Invest, with participation from existing investors like Norwest Venture Partners, Elevation Capital, and the International Finance Corporation (IFC). This latest funding round comes at a time when large-scale investments, particularly those exceeding $100 million, are making a resurgence in the Indian startup ecosystem.
Mintifi’s financial performance has been a key factor in attracting investor interest. The company achieved profitability in FY23, reporting a net profit of ₹25 crore on a revenue of ₹227 crore, a significant leap from its FY22 performance, which saw a revenue of ₹60 crore and a modest loss of ₹1 crore. As Mintifi’s corporate partnerships continue to grow—from 150 to over 200—the company is expected to further enhance its financial metrics.
In terms of operations, Mintifi has been disbursing around $100 million in credit monthly, with plans to scale this figure to $400 million by the end of the year, expanding its loan book to over $1 billion. If the current funding talks materialize, the capital infusion will primarily be used to further grow Mintifi’s loan book and increase total disbursals, supporting its ambitious expansion plans.
Founded in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, Mintifi has raised approximately $170 million to date. The company competes in the invoice discounting space with firms like KredX, Oxyzo, FinAGG, and Cashflo, and in the business working capital loan segment with players such as Lendingkart, NeoGrowth, and Flexiloan.
Mintifi offers a wide range of financial products to SMEs, including working capital loans, term loans, overdraft facilities, and supply chain financing. One of its standout offerings is a credit line of up to ₹2 crore for businesses purchasing inventory directly from brands or distributors. Additionally, the company provides collateral-free business loans of up to ₹50 lakh.
Mintifi’s proprietary flow-based underwriting model has been a key driver of its success. This model, which CEO Anup Agarwal highlighted during the company’s last funding round, allows Mintifi to scale rapidly while maintaining profitability by tapping into the substantial receivable pools of blue-chip corporates.
With its eyes set on further expansion, Mintifi is well-positioned to disrupt the supply-chain financing industry in India and beyond. The anticipated $100 million funding round, backed by some of the world’s leading investors, will provide the necessary resources to accelerate this mission.
