The funding round, which consisted of a mix of primary and secondary transactions, was co-led by Teachers’ Venture Growth and Prosus.
Earlier, Prosus revealed that it had acquired a 10.65% stake in Mintifi with an investment of around $80 million.
Mintifi plans to deploy new capital to expand its presence in key sectors and strengthen its position in the supply chain finance segment
Days after Prosus announced its investment of $79.9 million (approximately INR 677 Cr) in Mintifithe fintech startup said it has raised a total of $180 million (over INR 1,500 Cr) in its Series E funding round.
The round, which consisted of a mix of primary and secondary transactions, was co-led by Teachers’ Venture Growth (TVG) and Prosus. It also saw participation from existing funder Premji Invest.
Earlier, Prosus revealed that it had acquired a 10.65% stake in Mintifi with an investment of around $80 million.
As part of the investment, TVG India Director Darius Vakil and Prosus India Managing Director Apoorve Goyal will join Mintifi’s board, the startup said in a statement.
The Mumbai-based startup plans to deploy fresh capital to expand its presence in key sectors and strengthen its position in the supply chain finance segment. It plans to expand its new offerings, including dealer management systems and home loans, while leveraging AI to improve user experience.
“This transaction is also a significant milestone for us as we have successfully delivered an exit to our early backers with a return of approximately 11X as well as providing the opportunity for a large number of our team members to liquidate their ESOPs”, Anup, co-founder of Mintifi. Agarwal said.
Founded by Agarwal, Ankit Mehta and Sanjoy Shome in 2017, Mintify helps small and medium enterprises (SMEs) with their financing needs. The startup offers an advanced receivables management suite, facilitating businesses with solutions such as billing, collections and risk management. It claims to have partnered with companies such as Tata Motors, Nivea and Page Industries, among others, to digitize their supply chain.
Mintifi counts the International Finance Corporation (an arm of the World Bank), Lok Capital and Growth Catalyst Partners among its main backers.
Last year, B2B lending startup pocketed $110 million (around INR 902 Cr) in its Series D funding round led by Premji Invest. At the time, the startup announced that it would deploy the funds to expand the B2B payments vertical, dealer management system and strengthen its technology stack.
Overall, Mintifi said it has raised more than $1 billion in equity and debt so far.
The startup turned profitable in FY23, posting a net profit of INR 25 Cr compared to a loss of INR 1 Cr in the previous financial year. Revenues surged by around 278.3% to INR 227 Cr from INR 60 Cr in FY22.