Mintifi has Secured $180 million in a Series E Round Funding

Supply chain financing startup Mintifi secured $180 million in its Series E funding round, co-led by Teachers’ Venture Growth (TVG) and global investment firm Prosus, with existing investor Premji Invest also contributing in this round.

Nearly 90% of the funds were raised by issuing new shares, which will go to the company. The remaining 10% came from selling existing shares, helping provide liquidity for employees and early investors, according to cofounder Anup Agarwal.

Read more - Avanti Finance has Secured $14.2 Million in Series B1B2 Round Funding

Purpose of fund raising

The company plans to use most of the funds to grow its loan book and increase the amount of loans disbursed on its platform. It will also invest in improving its technology and develop a software product for corporate partners to help them track supply chain distribution.

Mintifi, a Mumbai-based financing startup founded in 2017 by Agarwal, Ankit Mehta, and Sanjoy Shome, provides payment solutions, invoicing, and tailored financing to small and medium businesses (SMEs) across various industries. The company works with over 300 brands, including Asian Paints, Honda, TVS, and Parle Products.

Anup Agarwal, co-founder & CEO, Mintifi said, “Our focus will be on purchase financing and the growth opportunity in the segment. We believe it is a $50 billion opportunity and we will be digressing if we offer multiple lending products. So, the focus will be on one single lending product. Having said that, we are building a SaaS (software-as-a-service) solution to improve supply-chain efficiencies,”

Mintifi plans to launch an initial public offering (IPO) within the next three years, depending on market conditions. The startup competes with other companies like Oxyzo, InCred, Kinara Capital, and NeoGrowth.

Advertisment

About Mintifi

Founded in 2017, Mintifi has already created a stir in the market by bringing automation to the forefront in an otherwise traditional and largely manual lending space. Mintifi is backed by investors including International Finance Corporation (an arm of the World Bank), Lok Capital and Growth Catalyst Partners.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.