Tuesday, June 6, 2023

Supply chain fintech startup Mintifi raising $60 million in funding

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Supply chain financing startup Minitifi is looking to raise at least $60 million at double its existing valuation at a pre-money valuation of $350 million, according to a Moneycontrol report.

The International Finance Corporation (IFC)-backed startup planning to shore up equity to expand its lending book to as much as $1 billion. Mintifi has hired investment bank Avendus Capital as the exclusive financial advisor for the deal.

Prior to this, The startup had raised $50 million in funding from Norwest Venture Partners and Elevation Capital at a valuation of $150-200 million.

Mintifi, established in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, provides digital solutions for payment processing, invoicing, and financing for retailers and distributors.

The company’s offerings include a “buy now pay later” platform for small and medium-sized enterprises, a plug-and-play co-lending platform, and an end-to-end fulfilment platform for supply chain networks in various industries.

It works with more than 100 top brands in India, such as NIVEA, Bridgestone Tyres, Tata Motors, Polycab, Berger Paints, and Jockey.

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