Total amount raised
$346.2 Millions
Latest funding date
Location
Mintifi has successfully raised significant funding over multiple rounds, attracting notable investors such as Premji Invest and Teachers’ Venture Growth. The platform offers supply chain financing solutions, providing loans and other simple lending options to small and medium businesses.
Keep reading to explore the intricacies of Mintifi's fundraising journey and the investors backing this innovative platform.
What Is Mintifi?
Mintifi, founded in 2017, is based in Mumbai, Maharashtra, India. The company was established by Ankit Mehta, Anup Agarwal, and Sanjoy Shome.
Specializing in supply chain financing, Mintifi offers a range of solutions including Mintifi EIPP, On-Demand Credit Line, Business Loans, Mintifi Collect, and WhatsApp Banking. These services aim to streamline financial operations for small and medium businesses.
With a workforce of 251-500 employees, Mintifi continues to drive growth and financial empowerment for businesses through innovative digital channels and partnerships.
How Much Funding Has Mintifi Raised?
- Seed Round
- Amount Raised: $2M
- Date: April 2018
- Lead Investors: Lok Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop initial product offerings.
- Series A
- Amount Raised: ₹570M
- Date: February 2019
- Lead Investors: International Finance Corporation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale the platform's capabilities.
- Series B
- Amount Raised: $6M
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology infrastructure and expand market reach.
- Series C
- Amount Raised: ₹3B
- Date: February 2022
- Lead Investors: Elevation Capital, Norwest Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build on tech infrastructure and expand product offerings.
- Series D
- Amount Raised: ₹9B
- Date: March 2023
- Lead Investors: Premji Invest
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance financial solutions.
- Series E
- Amount Raised: $100M
- Date: December 2024
- Lead Investors: Prosus Ventures, Teachers’ Venture Growth
- Valuation at Round: $850M
- Motivation Behind the Round: To diversify product offerings and prepare for an IPO.
- Secondary Market
- Amount Raised: $80M
- Date: December 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity for early investors and employees.
Total Amount Raised: $188M
Current Valuation: $850M
Key Investors
- Premji Invest
- Details: Premji Invest is the investment arm of Azim Premji's endowment and philanthropic initiatives. It has been a significant backer of Mintifi, participating in multiple funding rounds.
- Investment Focus Areas: Technology, consumer, healthcare
- Notable Investments: PolicyBazaar, FabHotels, Hygienic Research Institute
- Teachers’ Venture Growth
- Details: Teachers’ Venture Growth (TVG) is the venture capital arm of the Ontario Teachers' Pension Plan. It focuses on growth-stage investments in innovative and scalable businesses.
- Investment Focus Areas: Technology, infrastructure, real estate
- Notable Investments: SpaceX, Epic Games, KKR
- Prosus Ventures
- Details: Prosus Ventures is a global consumer internet group and one of the largest technology investors in the world. It co-led Mintifi's Series E funding round.
- Investment Focus Areas: Technology, internet-based companies
- Notable Investments: Tencent, Delivery Hero, PayU
- Elevation Capital
- Details: Elevation Capital is a venture capital firm that invests in early-stage startups. It has been involved in Mintifi's previous funding rounds.
- Investment Focus Areas: Early-stage technology startups
- Notable Investments: Paytm, Swiggy, UrbanClap
- Norwest Venture Partners
- Details: Norwest Venture Partners is a global venture capital and growth equity investment firm. It has supported Mintifi in its earlier stages.
- Investment Focus Areas: Technology, healthcare, financial services
- Notable Investments: Uber, Spotify, BlueJeans
What's Next for Mintifi?
Mintifi stands at the cusp of significant growth opportunities, driven by its recent funding and strategic plans. The company aims to diversify its product offerings, including dealer management systems, loans against property, and AI-powered factoring services. With a robust loan book and a growing revenue stream, Mintifi is well-positioned to capitalize on the increasing demand for supply chain financing solutions among SMEs.
Future fundraising opportunities appear promising, with a potential IPO within the next three years. This move could provide the necessary capital to scale operations and enhance financial solutions. However, challenges such as market conditions, competition, and operational complexities in diversifying product offerings could pose hurdles. Navigating these challenges will be crucial for Mintifi as it continues to expand its footprint in the fintech space.
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