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The supply-chain lending platform Mintifi announced on Wednesday that its Series D funding round, which was spearheaded by PremjiInvest, the private investment company founded by Wipro Ltd. founder and chairman Azim Premji, raised $110 million (Rs 902.5 crore).
The round also included contributions from current backers Norwest Venture Partners, Elevation Capital, and the International Finance Corporation (IFC), as per reported by VCCircle.
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“Some early backers and ESOP holders will cash out as part of the fundraise,” said Anup Agarwal, chief executive of Mintifi.
Mintifi, founded by Anup Agarwal, Ankit Mehta, and Sanjoy Shome in 2017, offers distribution companies and retailers supply chain payouts, invoicing, and purchase financing. It works with over 100 national brands, including Tata Motors, Jockey, Finolex, Varun Beverages, Parle Agro, TVS Motorcycles, Bridgestone, Prince Pipes, and Berger Paints.
“This round of funding will allow us to accelerate our growth, expand our team, and deliver even greater value to our customers,” Agarwal said. “We believe a software-as-a-services solution to build a one single stack for the corporate partners to manage the entire supply chain is a very attractive value proposition.”
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Mintifi's Advanced Receivables Management Suite can instantly monetize your receivables and provide a variety of solutions from invoicing to collections and risk management to recon! Mintifi is your channel finance partner in 250+ Indian cities to grow your business and solve your supply chain's working capital issues.
“Mintifi is addressing the whitespace in supply chain financing. Its flexible supply-chain finance solutions create a win-win situation for anchors, distributors, and retailers and have demonstrated great product market fit,” Saravanan Nattanmai, Principal at PremjiInvest, said in a statement.
About Mintifi
When it was first founded in 2017, Mintifi stirred up the market by bringing automation to the fore in the otherwise conventional and largely manual lending space. Investors supporting Mintifi include Growth Catalyst Partners, Lok Capital, and International Finance Corporation, a division of the World Bank.
