Thursday, June 8, 2023

Mintifi raises $110M in Series D funding, expects to break even by FY22.

Must Read

Mintifi, a B2B supply chain finance platform, has secured $110 million (about Rs 900 crore) in a Series D round headed by PremjiInvest and featuring participation from current investors Norwest Venture Partners, International Finance Corporation (IFC), and Elevation Capital.

The secondary sales provide staff and early investors with liquidity, according to an ET report. Mintifi will be able to increase its capital base for credit purposes by more than $600 million as a result of the investment.

In order to speed up its supply chain finance and product line expansion, the Mumbai-based business will use the money. The funds will also be put towards expanding the company’s product line and improving its underlying technological infrastructure.

Mintify is a business-to-business (B2B) supply chain finance platform developed by Anup Agarwal, Ankit Mehta, and Sanjoy Shome for the last mile distribution system. It caters to small and medium-sized businesses (SMEs) across several sectors by providing payment processing, billing, and individualised financing options.

Customers include Tata Motors, Bridgestone Tires, Berger Paints, Polycab, NIVEA, and more.

With its Series C round of $40 million in February of last year, the company has raised about $170 million in total funding. Over the past year, Mintifi claims to have increased its financing of over $1 billion in annualised transactions by more than four times.

It currently lends out $100 million per month and plans to increase it to $350 million by March of 2024. Almost 15 thousand dollars is the typical loan amount.

Mintifi saw an increase in its annual operating income of Rs 56.8 crore, or 2.7%, during the previous fiscal year. The company’s annual financial statement filed with the RoC shows a profit of Rs 1.02 crore in FY22, up from a deficit of Rs 13.26 crore the year before. In the current fiscal year, the firm expects a profit of Rs 60–80 crore (FY23).

Among Mintifi’s competitors are KredX and the Oxyzo division of the B2B building materials marketplace OfBusiness.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -spot_img
Latest News

Ministry of Environment, Forest and Climate Change Organizes Mission LiFE Events and Activities for World Environment Day

Ministry of Environment, Forest and Climate Change, planned to organize a large variety of events and activities about Mission...
- Advertisement -spot_img

More Articles Like This

We appreciate your contributions to our online web magazine. Your stories, articles, and other content will help us to inspire and empower individuals & entrepreneurs around the world.

%d bloggers like this: