Mintifi raises $180 million funding at $850 million valuation

Mintifi raises $180 million funding at $850 million valuation

11 Dec 2024, 04:20 PM

In a mix of primary and secondary transaction, Mintifi’s initial investor Lok Capital, exited as part of the secondary sale, while IFC partially sold its stake.

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Supply-chain financing startup Mintifi has raised $180 million in a Series E funding round co-led by Teachers’ Venture Growth (TVG) and global investment firm Prosus.

Existing backer Premji Invest also participated in the fundraise.

The round also includes Prosus’s $80 million which the firm announced last week. Following the fresh funding, Mintifi’s valuation is now at $850 million. Minitifi has raised approximately $350 million till date.

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.

The proceeds are aligned with the company’s plans to diversify its product offerings, including dealer management systems, loans against property, and factoring services, leveraging artificial intelligence to streamline user experiences.

Founded in 2017 by Agarwal, Ankit Mehta, and Sanjoy Shome, Mintifi caters to the last-mile distribution network and offers payment solutions, invoicing, and customized financing solutions to small and medium enterprises (SMEs) across industries. The company collaborates with over 300 brands, including Asian Paints, Honda, TVS, and Parle Products.

Minitifi recently secured a factoring license from the Reserve Bank of India (RBI) and is assembling a team to operationalize this new business segment.

Mintifi’s loan book grew from Rs 1,100 crore during March 2023 to Rs 2,600 crore. The company expects a monthly revenue run rate of Rs 45 crore, which translates to an annualized revenue of Rs 600 crore with a net profit margin of 20-25%. Its revenue tripled in FY24 to Rs 319.1 crore, up from Rs 150 crore in FY23, while consolidated net profit surged to Rs 97.8 crore.

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