India BNPL start-up Mintifi raises $40m Series C

Mintifi helps companies in India digitise supply chain payments, invoicing and purchase financing for their distributors and retailers. The idea is that B2B payments have traditionally followed rigid, one-size-fits-all credit terms that are not tailored to the cash-cycle needs of distributors and retailers.

Mintifi’s co-lending platform leverages partnerships with various banks and financial institutions with a view to decreasing payment processing time and increasing inventory turns. Clients include Tata Motors, Bridgestone Tyres, Berger Paints, Nivea, and Jockey.

The company claims to be growing at a rate of more than 4x year-on-year with annualised purchases financed touching USD 300m. This figure is projected to cross USD 1bn by 2023.

“Mintifi adopts a full-stack approach to address the transaction, financing and payments needs of the B2B ecosystem through its unique B2B BNPL solution and technology platform,” Niren Shah, a managing director at Norwest, said in a statement.

“Mintifi’s offering has witnessed strong adoption from over 100 leading brands in India, while operating a profitable business model.

The Series C expand Mintifi’s capital base to more than USD 500m and will be used to develop tech infrastructure, expand BNPL services for small to medium-sized enterprises, and scale the co-lending platform. This work is expected to include the development of functions to deepen supply chain network engagement and provide end-to-end fulfilment services.

Mintifi had raised USD 100m in equity and debt to date. Previous investors include the International Finance Corporation, which provide USD 8m in 2019, and Lok Capital, which made a USD 2m investment the prior year.

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