Mintifi raises $40 million in Series C funding

Mintifi, a B2B BNPL platform, has raised $40 million in its Series C round of funding led by Norwest Venture Partners and Elevation Capital.

The company will use the fresh funds to build on its tech infrastructure, expand its product offerings, including BNPL solutions for SMEs, scale the co-lending platform through its plug and play solution and deepen its engagement across the supply chain network by building an end-to-end fulfilment platform.

Mintifi has grown over 4x year-on-year with annualised purchases financed touching $300 million, which is expected to cross $1 billion by 2023. Avendus Capital acted as the financial advisor to this transaction.

Founded by Anup Agarwal, Ankit Mehta and Sanjoy Shome, Mintifi works with leading brands across India, including Tata Motors, Bridgestone Tyres, Berger Paints, Polycab, NIVEA and Jockey, to unlock their supply chain by digitising payments, invoicing and purchase financing solutions for their distributors and retailers.

‘Massive transformation’

Talking about the transaction, Anup Agarwal, Co-founder and CEO at Mintifi, said, “The entire B2B ecosystem is at the cusp of a massive transformation across credit, payments and fulfilments and we are happy to play our bit in driving it. Today, across industries, brands are using our platform to drive higher efficiency and faster growth in their supply chain network and we will continue to help SMEs grow their businesses. More importantly, we are proud to drive these innovations, while still ensuring profitability. We are thrilled to welcome Norwest Venture Partners and Elevation Capital as we gear up for our next phase of growth.”

Niren Shah, Managing Director and Head at Norwest Venture Partners India, said, “Norwest is delighted to lead a growth investment round in Mintifi. Mintifi adopts a full stack approach to address the transaction, financing and payments needs of the B2B ecosystem through its unique B2B BNPL solution and technology platform. Mintifi’s offering has witnessed strong adoption from over 100 leading brands in India, while operating a profitable business model. We are excited to partner with Anup, Ankit and Sanjoy on this journey in creating one of India’s largest B2B BNPL platform.”

Mridul Arora, Partner at Elevation Capital, said, “At Elevation, we are big believers in the opportunity that contextual and corporate-led supply-chain credit can unlock for B2B commerce in India. Over the years, Mintifi has created a distinctive business model with a very strong product-market fit and customer delight and as a result, the business has demonstrated strong growth as well as unit economics. We are privileged to be partnering with the Mintifi team on their journey to scale their credit offerings and pursue fulfilment opportunities with the vision to become the best supply chain fintech platform.”

Prior to this round, Mintifi had raised equity and debt to the tune of $60 million. This round of funding will enable Mintifi to expand its capital base to over $500 million to accelerate its business with its brand partners. In addition to Norwest and Elevation, Mintifi counts International Finance Corporation (IFC) (member of the World Bank) and Lok Capital as shareholders.

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