Prosus picks 10.65% stake in Mintifi for $80 million
02 Dec 2024, 08:57 PMIn October 2024, Prosus acquired a 10.65% effective interest in Mintifi Private Limited (Mintifi) for approximately $79.9 million.
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Prosus has announced an investment of $80 million (around Rs 680 crore) in a supply chain financing firm Mintifi. The group picked 10.65% stake in the fintech firm.
"In October 2024, the group acquired a 10.65% effective interest in Mintifi Private Limited (Mintifi) for approximately $79.9 million. Mintifi is a leading supply chain finance fintech in India," Prosus disclosed in its half-yearly results.
"The group will account for this investment as an equity-accounted associate on account of its significant influence on the board of directors," it added.
Founded in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, Mintifi offers payments solutions, invoicing and customized financing solutions to small and medium enterprises (SMEs) across industries.
Prior to this investment, Mintifi had raised $110 million led by Premji Invest, in March last year. The round also saw participation from existing investors such as Norwest Venture Partners, Elevation Capital and International Finance Corporation (IFC).
In FY23, Mintifi reported Rs 227 crore in revenue as compared to Rs 60 crore in FY22. It booked Rs 25 crore in profits in financial year ended March 2023, compared to a loss of Rs 1 crore a year before, according to Tracxn. The firm has yet to file its annual report for the fiscal year ending March 2024. According to credit rating agency, Mintifi's assets under management grew by 37% yoy to Rs 2411 crore as of March 2024.
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