Premji Invest leads $110m round for India's Mintifi
Premji Invest has led a USD 110m Series D round for Indian financial services platform Mintifi with support from Norwest Venture Partners, Elevation Capital and the International Finance Corporation (IFC).
It follows a USD 40m Series C led by Norweest and Elevation in February last year that also featured IFC and Lok Capital. IFC and Lok have backed the company since 2019 and 2018, respectively.
According to Moneycontrol, the company was seeking to raise USD 60m at a pre-money valuation of USD 350m, up from a recent valuation of USD 150m-USD 200m.
Mintifi is a supply chain financing platform for micro, small and medium-sized enterprises that claims a proprietary underwriting model and collection process.
Services span digital payments, invoicing, and purchase financing for distributors and retailers. At the time of the Series C, the company was positioned as a buy-now, pay-later provider. Clients include the likes of Tata Motors, Bridgestone Tyres, and Nivea.
The Series D will be used in part to expand new offerings like B2B payments and a dealer management system, as well as to build out existing tech infrastructure. There are also plans to build an ecosystem of end-to-end fulfilment products across anchors and borrowers.
Mintifi has grown more than 4x year-on-year with annualised purchases financed of USD 1bn, a figure expected to touch USD 3bn by the end of financial 2024, according to a statement from the company’s financial advisor, Avendus Capital.
“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,” Saravanan Nattanmai, a principal at Premji Invest, said.
“Its flexible supply-chain finance solutions create a win-win situation for anchors, distributors, and retailers and have demonstrated great product market fit.”
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