Mintifi closes $180 million Series E funding round led by Ontario Teachers', Prosus

The company turned profitable in FY23, recording a net profit of Rs 25 crore on revenue of Rs 227 crore

Mumbai-based supply chain financing platform Mintifi has raised $180 million (approx. Rs 1,494 crore) in its Series E funding round, co-led by Teachers’ Venture Growth (TVG), the late-stage venture and growth equity arm of Ontario Teachers’ Pension Plan, and Dutch technology investor Prosus.

Existing investor Premji Invest also participated in the round, which comprised a combination of primary and secondary transactions.

Moneycontrol was the first to report on Mintifi's funding talks, highlighting early interest from prominent investors such as Ontario Teachers’ and other private equity majors.

The developments come at a time when large-ticket deals, valued at $100 million and above, are making a notable comeback in the Indian startup ecosystem, as previously reported.

While Mintifi did not disclose its latest valuation, the Mumbai-based firm had raised about $110 million (above Rs 900 crore) in March last year at an approximate $400 million (above Rs 3,000 crore) valuation, significantly higher than previous rounds.

The company counts investors like Premji Invest, Norwest Venture Partners, Elevation Capital, and International Finance Corporation (IFC) on its captable.

Funding is back, with a catch: Secondary share sales fuel $100 million rounds in Indian startups

Improving metrics

Founded in 2017 by Anup Agarwal, Sanjoy Shome, and Ankit Mehta, Mintifi works with over 300 brands in India, including Asian Paints, Parle Products, Honda, and Shree Cement. It enables brands, distributors, and retailers to digitize B2B payments, manage credit, and access inventory financing, alongside offering working capital loans.

Through Mintifi’s services, distributors and retailers can procure inventory while deferring payment.

It has also introduced loans against property and domestic and overseas factoring for small and medium enterprises (SMEs).

This includes a credit line of up to Rs 2 crore for businesses looking to buy inventory directly from brands/distributors and collateral-free business loans of up to Rs 50 lakh, as per the firm’s website.

The platform currently processes over $3 billion (Rs 24,900 crore) in invoices annually, a figure expected to double to $6 billion (Rs 49,800 crore) by FY26, the company said. The firm, which houses NBFC Mintifi Finserve Private Limited, offers credit via its own books in partnership with Utkarsh Small Finance Bank, Fullerton India, and Muthoot Finance.

The company turned profitable in FY23, recording a net profit of Rs 25 crore and sustained the same to date. In FY24, the consolidated adjusted profit (excluding the ESOPs) jumped to Rs 97.80 crore at a total income of Rs 330.86 crore, per Care Ratings note.

On a monthly basis, it was reportedly disbursing around $100 million in credit and was on track to increase the size to approximately $400 million (Rs 3,320 crore) sometime this year, growing its loan book to over $1 billion (Rs 8,300 crore).

The firm competes with KredX, Oxyzo, FinAGG, Cashflo, Cashinvoice, Vayana, and Credable in the invoice discounting space, as well as with InCred, Lendingkart, NeoGrowth, Flexiloan, Indifi, and others in the business working capital loan segment.

“We are excited to partner with Ontario Teachers’ and Prosus to build India’s largest supply chain financing platform. This round not only validates our business model but also enabled us to deliver approximately 11x returns to our early backers and provide liquidity for employees through ESOP buybacks,” CEO Anup Agarwal said.

Deepak Dara, Senior Managing Director and Head of India for Ontario Teachers’, applauded Mintifi’s tech-driven approach, calling it a leader in India’s supply chain finance sector. Apoorve Goyal, Managing Director at Prosus, highlighted the company’s strong balance sheet and "anchor-led" market strategy as key differentiators in a competitive industry.