Premji Invest led the $110 million Series D funding round for Mintifi, a B2B digital lending startup. Current investors Norwest Venture Partners, Elevation Capital, and the International Finance Corporation also participated in the round. The money will be used by Mintifi to increase its market share in the supply chain financing industry, broaden the scope of its product offering, and develop its B2B payments vertical and dealer management system. By developing an end-to-end fulfilment product line, the investment will also be used to improve engagement throughout the supply chain network and strengthen its tech stack. Anup Agarwal, Ankit Mehta, and Sanjoy Shome founded Mintifi in 2017. A B2B lending platform primarily targeted at small and medium-sized businesses (SMEs).
Large corporations can digitize their supply chains and offer purchase financing to their distributors thanks to the platform’s payment, invoicing, and customized financing solutions. The company claims that it has grown more than four times year over year. And has funded annualized purchases totaling more than $1 billion. By the end of the fiscal year 2023–2024, Mintifi anticipates that this figure will reach $3 billion. The platform is in competition 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 data from Inc42, Indian startups only raised $693.47 million. In funding in February, a decline of 81% year over year.
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Even so, fintech is still the most popular industry, getting most of the funding raised last month. Through partnerships with NBFCs and banks, fintech startups lend money to small business owners and help them grow their businesses, making the market more liquid. Fintech startups are still raising sizable sums of money in the meantime. Mintoak, an EV-focused fintech startup, raised $20 million in a Series A funding round last month. Turno, another startup, also received $13.8 million in a Series A investment in February. Mintifi’s most recent funding round will allow the business to grow faster, hire more people, and give customers more. The platform’s ongoing success highlights the growing significance of fintech in India. Especially in the SME sector, where access to conventional credit facilities is still largely restricted.
