Mintifi raises $180 mn in Series E from TVG, Prosus, and Premji Invest

Business-to-business (B2B) supply chain financing platform Mintifi has completed a Series E fundraising round of $180 million, which saw participation from Teachers’ Venture Growth (TVG), Prosus, and the company’s existing investor Premji Invest.

 

The financing includes a combination of primary and secondary transactions. The company plans to utilise the funds across key sectors and enhance its market leadership in the supply chain financing space.

 

As part of the latest investment, Darius Vakil, director, TVG, India, and Apoorve Goyal, managing director, Prosus, India, will join Mintifi’s board.

 

The firm plans to expand its offerings, including dealer management systems and loans against property, and invest in artificial intelligence to improve the experience for corporate clients and their supply chain partners.

 

 

Mintifi previously raised $110 million in a Series D funding round from investors such as Premji Invest, Norwest Venture Partners, Elevation Capital, and International Finance Corporation (IFC) in March 2023.

 

“This transaction is also an important milestone for us as we were able to successfully provide an exit to our early backers with approximately 11x returns as well as provide an opportunity for a large number of our team members to liquidate their ESOPs,” said Anup Agarwal, co-founder and chief executive officer (CEO), Mintifi.

 

The company works with over 300 brands in India, including Asian Paints, Varun Beverages, Parle Products, Honda, and Shree Cement, among others, to digitise B2B payments, inventory financing, and credit management.

 

The firm processes over $3 billion in invoices annually, a figure expected to cross $6 billion by the end of financial year 2026 (FY26), the company said in a statement.

 

Founded in 2017, Mintifi introduced a buy-now-pay-later solution for the B2B sector, enabling small and medium enterprises (SMEs) to utilise its credit line to purchase inventory from principal suppliers.

 

For instance, the firm has tapped into large corporate ecosystems with significant bases of distributors and retailers. By working with large conglomerates, the company gains access to their distributor networks and addresses challenges associated with supply chain financing credit.

 

It also helps onboard customers who might not typically qualify for a supply chain finance (SCF) product from a bank.