Global technology investor Prosus has invested $79.9 million (around Rs 677 crore) in supply-chain financing company Mintifi Pvt. Ltd, it said in a disclosure on Monday.
The Dutch-listed parent of venture capital firm Prosus Ventures acquired a 10.65% stake in the Mumbai-based fintech company in October. The investment values Mintifi around $750 million, back-of-the-envelope calculations show.
Also in October, Prosus acquired an 8.4% effective stake (7.8% fully diluted) for about $100 million in mortgage lender Vastu Housing Finance. VCCircle reported Prosus' plan to invest in Vastu Housing in August. It joins private equity firms Multiples PE, Faering Capital and TA Associates as well as Norwest Venture Partners as an investor in Vastu.
The latest investment in Mintifi comes more than a year after the company in March last year raised $110 million in a Series D investment round led by PremjiInvest, the family office of Wipro founder chairman Azim Premji.
Prosus had reportedly entered the fray to invest about $100 million in Mintifi at a valuation of nearly $1 billion. It was competing against Ontario Teacher's Pension Plan, Bain Capital and others for a minority stake in the company, according to media reports earlier.
Mintifi also counts Norwest Venture Partners and Elevation Capital as its investors. It reported a jump in consolidated profit in the fiscal year through March 2024. It also improved its net interest margins and kept asset quality under control, VCCircle reported in July.
The company was founded in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome. It provides supply-chain payments, invoicing and purchase financing solutions to distributors and retailers in the supply-chain domain.
Mintifi works with more than 100 brands in the country including Tata Motors, Jockey, Finolex, Varun Beverages, Parle Agro, TVS Motorcycles, Bridgestone, Prince Pipes and Berger Paints.