B2B digital lending startup Mintifi raised $110 million as part of a Series D led by Premji Invest where existing investors Norwest Venture Partners, Elevation Capital and International Finance Corporation (IFC), among others also participated.
The startup will use the additional funding to broaden its product offering and establish a stronger presence in the field of supply chain financing. The investment will also be used to expand the dealer management system and the B2B payments vertical.
A portion of the funds will also be used to develop a full suite of end-to-end fulfilment products, which will improve engagement throughout the supply chain network. Additionally, Mintifi will be able to increase its capital base for credit purposes to more than $600 Mn thanks to the investment.
According to Mintifi, it has increased over 4X year over year (YoY), financing annualised purchases totaling more than $1 Billion. By the end of the fiscal year 2023–24 FY24, the startup anticipates the figure to reach $3 Bn.
It mainly competes with fintech startups like KredX and the B2B marketplace for building materials operated by OfBusiness, Oxyzo. The announcement comes as the Indian startup scene is experiencing a funding crunch. According to Inc42 data, only $693.47 million was raised by Indian startups in February, a decline of 81% from the same month last year (YoY).
Mintifi is a B2B digital lending startup that provides customized lending solutions to small and medium-sized enterprises (SMEs) in India. The company offers a range of financial products and services, including working capital loans, invoice discounting, and supply chain financing, all of which are designed to meet the unique financing needs of SMEs.
Mintifi uses cutting-edge technology and data analytics to assess the creditworthiness of SMEs and offer them loans quickly and efficiently. The company’s online platform allows SMEs to apply for loans easily, track their application status, and manage their loan accounts. Mintifi’s innovative lending solutions have helped numerous SMEs in India overcome their financing challenges and grow their businesses.