Total amount raised
$346.2 Million
Latest funding date
12/1/2024
Location
Mintifi has successfully raised funding through 8 rounds, with notable investors including Premji Invest and Teachers’ Venture Growth. The platform specializes in supply chain financing, offering solutions like check-out financing, distribution network coverage, and tailored business loans.
Keep reading to explore the intricacies of Mintifi's fundraising journey and the investors backing this innovative platform.
What Is Mintifi?
Mintifi operates in the financial services, fintech, and lending industries, specializing in supply chain financing solutions. The company is based in Mumbai, Maharashtra, India, and has an employee count ranging from 251 to 500.
Founded to address the financial needs of SMEs, Mintifi offers a variety of services including check-out financing, distribution network coverage, and tailored business loans. Their platform aims to drive growth by providing faster inventory churn, quicker payments, and seamless invoice reconciliation through powerful APIs.
How Much Funding Has Mintifi Raised?
- Seed Round
- Amount Raised: USD 2,000,000
- Date: April 2018
- Lead Investors: Lok Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and start offering financial solutions to SMEs.
- Series A
- Amount Raised: INR 570,000,000
- Date: February 2019
- Lead Investors: International Finance Corporation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and increase market reach.
- Series B
- Amount Raised: USD 6,030,000
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology infrastructure and support business growth.
- Series C
- Amount Raised: USD 40,000,000
- Date: February 2022
- Lead Investors: Elevation Capital, Norwest
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build on tech infrastructure and expand product offerings.
- Series D
- Amount Raised: INR 9,025,000,000
- Date: March 2023
- Lead Investors: Premji Invest
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the expansion of the loan book and revenue growth.
- Series E
- Amount Raised: USD 100,000,000
- Date: December 2024
- Lead Investors: Prosus Ventures, Teachers’ Venture Growth
- Valuation at Round: USD 850,000,000
- Motivation Behind the Round: To diversify product offerings and prepare for a potential IPO.
- Secondary Market
- Amount Raised: USD 80,000,000
- Date: December 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity for early investors and employees.
Total Amount Raised: USD 228,030,000
Current Valuation: USD 850,000,000
Key Investors
- Teachers' Venture Growth (TVG)
- Details: TVG is the venture arm of the Ontario Teachers' Pension Plan, focusing on late-stage venture and growth equity investments. They co-led Mintifi's Series E funding round.
- Investment Focus Areas: Technology, high-growth companies, innovation.
- Notable Investments: Not publicly disclosed.
- Prosus
- Details: Prosus is a global consumer internet group and one of the largest technology investors in the world. They co-led Mintifi's Series E funding round and acquired a 10.65% stake in the company.
- Investment Focus Areas: Technology, internet, consumer sectors.
- Notable Investments: Tencent, Delivery Hero, PayU.
- Premji Invest
- Details: Premji Invest is the investment arm of Azim Premji's endowment and philanthropic initiatives. They have been an ongoing investor in Mintifi, participating in multiple funding rounds.
- Investment Focus Areas: Technology, consumer, financial services, healthcare.
- Notable Investments: PolicyBazaar, Lenskart, Flipkart.
- Elevation Capital
- Details: Elevation Capital is a venture capital firm that invests in early-stage startups. They co-led Mintifi's Series C funding round.
- Investment Focus Areas: Technology, internet, consumer companies.
- Notable Investments: Paytm, Swiggy, UrbanClap.
- Norwest Venture Partners
- Details: Norwest Venture Partners is a global, multi-stage investment firm. They led Mintifi's Series C funding round.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Uber, Spotify, BlueJeans.
What's Next for Mintifi?
Mintifi stands at the cusp of significant growth opportunities, driven by its recent funding and strategic plans. The company aims to diversify its product offerings, including dealer management systems, loans against property, and AI-powered factoring services. With a robust loan book and a growing revenue stream, Mintifi is well-positioned to capitalize on the increasing demand for tailored financial solutions in the SME sector.
Future fundraising opportunities are promising, with a potential IPO within the next three years. This move could provide substantial capital for further expansion and innovation. However, challenges such as market conditions, competition, and regulatory hurdles could impact the timing and success of these plans. Despite these challenges, Mintifi's strong financial performance and strategic vision make it a compelling player in the fintech landscape.
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