With this funding boost, Mintifi aims to initialise an IPO within the next three years, provided the market conditions are favourable.
This funding round has driven Mintifi’s valuation to USD 850 million. Of all the amount raised, USD 100 million was the primary capital for the business, while the remainder involved secondary transactions. However, Mintifi’s first investor, Lok Capital, opted for a full exit, while the International Finance Corporation (IFC) partially reduced its stake.
This funding precedes Mintifi’s Series C funding round led by Norwest Venture Partners and Elevation Capital, which raised USD 40 million in 2022. The funds were used to continue to build on its tech infrastructure and expand its product offerings.
Mintifi currently works with over 300 brands including Honda, Asian Paints, TVS and Parle Products to help their supply chain by digitising payments, invoicing, and purchase financing solutions for distributors and retailers.
Its payment and financing stack provides brands, distributors, and retailers with improved payment processing time and increased inventory turns.
Founded in 2017, the company provides financial solutions, such as payment solutions, invoice financing, and customised credit options, to SMEs in India.
A recent move by Mintifi is to obtain a factoring licence from the Reserve Bank of India, making a shift in its service offerings, such as dealer management systems, loans against property, and factoring services.
The company’s loan book has moved from USD 129,62 million in March 2023 to USD 306.38 million as of December 2024, while its monthly revenue run rate has climbed to USD 5.3 million, with an annual revenue of USD 70.7 million.
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