Mintifi In Talks To Raise $100 Mn From OTPP, Bain Capital & Others In Fresh Funding

B2B digital lending startup Mintifi is reportedly in talks to raise $100 Mn in a fresh funding round from Ontario Teachers’ Pension Plan (OTPP), private equity firms Bain Capital and Advent International, along with more than 20 other investors.

“At least 20 investors are chasing Mintifi to participate in its $100 Mn round. Mintifi is, however, yet to decide on the next and final steps based on the valuation that it is being offered,” Moneycontrol reported, citing a source close to the matter.

Founded in 2017 by Anup Agarwal, Ankit Mehta and Sanjoy Shome, Mintify is a B2B lending platform that is largely targeted at small and medium enterprises (SMEs) and offers products such as payments solutions, invoicing and customised financing solutions. 

Its offerings also enable big ticket corporations to digitise their supply chain, and provide purchase finance to their distributors. 

It works with major companies such as Tata Motors, Nivea, and Page Industries (the exclusive licensee for Jockey in India) to digitise their supply chains and provide credit to stakeholders, including distributors and retailers. Through Mintifi’s services, distributors can secure inventory and defer payments.

The lending startup raised $110 Mn (INR 902 Cr) as part of its Series D funding round led by Premji Invest in March last year.

In February 2022, the startup raised $40 Mn in its Series C round led by Norwest Venture Partners and Elevation Capital in. Including the current fundraise, Mintify has so far raised $175 Mn in equity and debt from multiple investors.

It largely competes with fintech startups such as KredX and B2B building materials marketplace OfBusiness’ arm Oxyzo.

Meanwhile, the startup reportedly turned profitable in FY23, posting a net profit of INR 25 Cr on a revenue of INR 227 Cr, according to the latest data from Tracxn, a private markets data provider. This marks a significant financial improvement compared to FY22, when the company recorded a revenue of INR 60 Cr and a loss of INR 1 Cr.

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