Mintifi, a supply chain financing platform, has raised $110 million in its Series D funding round.

The round was led by Premji Invest and also saw participation from existing investors, including Norwest Venture Partners, Elevation Capital, and the International Finance Corporation (IFC).

“The funds will be used to expand its presence across key sectors and consolidate its market leadership in downstream supply chain financing,” the company stated in a press release. Further, it aims to expand its new offerings, such as B2B payments, dealer management systems, and bolster its technology infrastructure.

It also seeks to enhance engagement across the supply chain network by building an ecosystem of end-to-end fulfilment products across anchors and borrowers. Mintifi claims to have grown over 4x year-on-year with annualised purchases financed of over $1 billion and is expected to touch $3 billion by the end of FY24.

Plug-and-play approach

“Our unique plug-and-play approach allows us to scale rapidly by tapping into a huge outstanding receivable pool of blue-chip corporates while maintaining profitability. This round of funding will allow us to accelerate our growth, expand our team, and deliver even greater value to our customers,” said Anup Agarwal, co-founder and CEO at Mintifi.

The company said that it works with over 100 leading brands across the country, including Tata Motors, Jockey, Finolex, Varun Beverages, Parle Agro, TVS Motorcycles, Bridgestone, Prince Pipes and Berger Paints, to unlock their supply chains by digitising payments, invoicing, and purchasing financing solutions for their distributors and retailers.

“Mintifi is addressing the whitespace in supply chain financing in a highly differentiated manner through its distinctly modular platform and powerful anchor-led and tech-driven origination, underwriting, and collection processes. Its flexible supply-chain finance solutions create a win-win situation for anchors, distributors, and retailers and have demonstrated great product market fit,” said Saravanan Nattanmai, Premji Invest.

Avendus Capital acted as the exclusive financial advisor to Mintifi on this transaction.: