Fintech firm Mintifi gets $110M funding led by PremjiInvest; IFC, others also take part

Mintifi, a Mumbai-headquartered fintech company, has received $110 million funding in its Series D round led by PremjiInvest. 

PremjiInvest is a private investment vehicle of Wipro Ltd's founder chairman Azim Premji. It invests in public and private markets across technology, consumer, financial, and healthcare industries. Its other investments include the companies like SBI General Insurance, Aditya Birla Capital, Shubham Housing Finance, Kreditbee, PolicyBazaar, FabIndia, and others. 

Started in 2017 by Anup Agarwal, Ankit Mehta and Sanjoy Shome, Mintifi provides supply-chain payments, invoicing and purchase financing solutions to distributors and retailers in the supply-chain space. 

The other investors who participated in the round include Norwest Venture Partners, Elevation Capital and International Finance Corporation (IFC). They are also the existing investors in the company which has raised Rs 1,200 crore in equity financing till date, according to a press note. 

Avendus Capital acted as the exclusive financial advisor to Mintifi on this deal. 

Last year, Mintifi raised $40 million in its Series C round. 

“This round of funding will allow us to accelerate our growth, expand our team, and deliver even greater value to our customers. We believe a software-as-a-services solution to build one single stack for the corporate partners to manage the entire supply chain is a very attractive value proposition," Anup Agarwal, chief executive of Mintifi, said. 

“Our unique plug-and-play approach allows us to scale rapidly by tapping into a huge outstanding receivable pool of blue-chip corporates while maintaining profitability. This round of funding will allow us to accelerate our growth, expand our team, and deliver even greater value to our customers,” Agarwal added.

Mintifi has a collaboration with more than 100 brands like TVS Motorcycles, Berger Paints, Jockey, and Varun Beverages among others. 

With annualized purchases financed of over $1 billion, the digital lending platform said it has increased by over 4X year-on-year (YoY). The company expects to reach $3 billion by the end of the fiscal year 2023–24. 

Another fintech company that raised money this week includes Chennai and San Francisco-based accounts receivable (AR) automation startup Growfin. The company received $7.5 million in a Series A funding round which was led by SWC Global. 3one4 Capital and angel investors also took part in the round.