Supply-chain financing platform Mintifi on Wednesday said it has raised $110 million (Rs 902.5 crore) in its Series D funding round led by PremjiInvest, the private investment vehicle of Wipro Ltd founder chairman Azim Premji.
Existing backers Norwest Venture Partners, Elevation Capital and International Finance Corporation (IFC) also participated in the round, which is largely a primary infusion of capital into the company.
“Some early backers and ESOP holders will cash out as part of the fundraise,” said Anup Agarwal, chief executive of Mintifi.
The startup did not disclose its valuation after the fundraise. In all, Mintifi has raised Rs 1,200 crore in equity financing till date.
The latest capital infusion comes about a year after the startup raised $40 million in a Series C round last year. It will help Mintifi to increase its presence across key sectors. The company also aims to add new offerings like business-to-business payments, dealer management system and bolster its tech infrastructure over the top of its financing offering.
“This round of funding will allow us to accelerate our growth, expand our team, and deliver even greater value to our customers,” Agarwal said. “We believe a software-as-a-services solution to build a one single stack for the corporate partners to manage the entire supply chain is a very attractive value proposition.”
Founded in 2017 by 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. It works with over 100 brands in the country that include Tata Motors, Jockey, Finolex, Varun Beverages, Parle Agro, TVS Motorcycles, Bridgestone, Prince Pipes and Berger Paints.
“Our plug-and-play approach allows us to scale rapidly by tapping into a huge outstanding receivable pool of blue-chip corporates while maintaining profitability,” Agarwal said.
Mintifi’s operating revenue grew by 2.7 times to Rs 56.8 crore for the financial year 2021-22. It reported a net profit of Rs 1.03 crore for FY22.
“The last 12 months alone we have grown at about 400%. This year, at a much larger base so to say we'll at least be growing at 150% to 200%,” Agarwal said in an interaction. “It has been done in a very efficient manner from a cost side because there are no customer acquisition costs.”
The company is operating at a revenue run rate of Rs 20 crore per month, up from Rs 6 crore in February last year. It expects to reach a rate of Rs 45-50 crore by March 2024, the founder said.
“Mintifi is addressing the whitespace in supply chain financing. Its flexible supply-chain finance solutions create a win-win situation for anchors, distributors, and retailers and have demonstrated great product market fit,” Saravanan Nattanmai, Principal at PremjiInvest, said in a statement.
PremjiInvest invests in public and private markets across industries, including technology, consumer, financials, and healthcare industries. It has previously backed firms like SBI General Insurance, Aditya Birla Capital, Shubham Housing Finance, Kreditbee, PolicyBazaar, FabIndia, Hygienic Research, ID Foods, Lenskart, and Flipkart.
Avendus Capital acted as the exclusive financial advisor to Mintifi.
