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Mintifi profits more than tripled to Rs 92 crore in FY24
24 Dec 2024, 11:33 PMInterest income from the disbursement of loans accounted for 80% of the revenue -- which increased 2x to Rs 308 crore in FY24.
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Supply chain financing startup Mintifi has recorded Rs 384 crore in revenue from operations during FY24, which is up from Rs 223 crore reported in FY23.
Interest income from the disbursement of loans accounted for 80% of the revenue -- which increased 2x to Rs 308 crore in FY24, reported Entrackr.
The Mumbai-based company's overall expenses were up by 44.3% to Rs 277 crore in FY24, compared to Rs 192 crore in FY23. Employee benefits expense grew to Rs 66 crore, while the inventory procurement cost stood at Rs 70 crore. The finance cost grew by 54% to Rs 54 crore in FY24.
Mintifi's profits jumped to Rs 92.5 crore in FY24 from Rs 24.8 crore in FY23.
Founded in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, Mintifi offers payment, invoicing, and financing solutions to small and medium enterprises (SMEs) across industries.
Its current assets stood at Rs 2343 crore as of March 2024.
Mintifi recently raised $180 million in a Series E funding round co-led by GTV and Prosus. Following the funding, Mintifi’s valuation stood at $850 million. The funding included $100 million in primary capital and a secondary transaction that provided liquidity for early investors with returns of 11-12x on the invested capital.
Mintifi’s initial investor Lok Capital, exited as part of the secondary sale, while International Finance Corporation (IFC) partially sold its stake.
Minitifi has raised approximately $350 million till date.
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