Mumbai-based supply chain financing startup Mintifi has raised $110 million in a Series D funding round led by Premji Invest and Norwest Venture Partners, with participation from Elevation Capital and International Finance Corporation (IFC).
The startup plans to use the raised capital to expand its presence in some of the key sectors in addition to improving new offerings like business-to-business (B2B) payments and dealer management systems.
Mintifi, established in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, provides digital solutions for payment processing, invoicing, and financing for retailers and distributors.
The startup works with over 100 brands in the country that include Tata Motors, Jockey, Finolex, Varun Beverages, Parle Agro, TVS Motorcycles, Bridgestone, Prince Pipes and Berger Paints.
“Our unique plug-and-play approach allows us to scale rapidly by tapping into 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 & CEO at Mintifi.
“Mintifi is addressing the whitespace in supply chain financing. Its flexible supply-chain finance solutions create a win-win situation for anchors, distributors, and retailers and have demonstrated great product market fit,” Saravanan Nattanmai, Principal at PremjiInvest, said in a statement.
Follow IndianStartupNews on Facebook, Instagram, Twitter for the latest updates from the startup ecosystem.