Supply chain financing company Mintifi scores $110m Series D

Supply chain financing company Mintifi scores $110m Series D

Mintifi, an India-based supply chain financing platform, has reportedly received $110m in a Series D round.

The investment was led by the family office Premji Invest, according to a report from Deal Street Asia. Mintifi existing backers Norwest Venture Partners, Elevation Capital and International Finance Corporation, also participated in the Series D.

According to the Economic Times India, 90% of the Series D was raised through selling new shares. The remaining 10% was raised through secondary shares. The report also claims Mintifi is profitable and is forecasting between $8m and $10m profit after tax for fiscal year 2023.

With the funds, the FinTech company hopes to bolster its position in key sectors and release new services, including B2B payments and dealer management tools. Funds have also been earmarked to help Mintifi expand its loan book.

Mintifi claims to be revolutionising inventory financing for SMEs. It offers on-demand credit lines, which can be used to buy inventory. Its other offerings are business loans, which can be repaid over 6 to 24 months.

Speaking on the deal, Premji Invest principal Saravanan Nattanmai said, “Mintifi is addressing the whitespace in supply chain financing in a highly differentiated manner through its distinctly modular platform and powerful anchor-led and tech-driven origination, underwriting and collection process.

“It’s flexible supply-chain finance solutions create a win-win situation for anchors, distributors, and retailers and have demonstrated great product market fit.”

Avendus Capital served as the exclusive financial advisor to the deal.

Mintifi has raised a total of $175m in debt and equity.

Another SME lending platform to recently raise capital is France-based Aria. The company, which offers embedded invoicing finance, raised €50m in debt fundraising.

Premji Invest is no stranger to FinTech. It recently joined the $300m Series D funding round of lending app KreditBee.

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