B2B digital lending startup Mintifi raised $40 million on 8th February in Series C round of funding which was led by “Norwest Venture Partners” and “Elevation Capital”. Avendus Capital, a Financial Services firm, acted as the advisor for the funding.
Who founded Mintifi?
The company which was founded by Anup Agarwal, Ankit Mehta and Sanjay Shome in 2017 will use these funds to improve their tech infrastructure and expand the product offerings. It will build an end-to-end fulfilment platform to deepen its engagement across the supply chain network.
Major clients of Mintifi.
The company serves over 100 clients, which include Tata Motors, Bridgestone tyres, and Berger Paints. Through digitalizing, invoicing, and purchase financing solutions, distributors and retailers can improve the process of their supply chain. The company also offers loans to nearly 9000 distributors and retailers.
The current credit terms of B2B payments are rigid and don’t always fit the cash-cycle needs of retailers and distributors. According to the company, Mintifi’s payment and financing stack improve payment processing time for brands, distributors and retailers.
“Mintifi adopts a full-stack approach to address the transaction, financing and payment needs of the B2B ecosystem through its unique B2B BNPL solution and technology platform. Mintifi’s offering has witnessed strong adoption from over 100 leading brands in India while operating a profitable business model,” said Niren Shah, MD and Head at Norwest Venture Partners India.
With annualized purchases of $300 million, the company has grown four times over the last financial year. By 2023, the company expects its annual purchase finance volume to reach $1 billion.
“The entire B2B ecosystem is at the cusp of a massive transformation across credit, payments and fulfilments and we are happy to play our bit in driving it. Today, across industries, brands are using our platform to drive higher efficiency and faster growth in their supply chain network,” said Anup Agarwal, co-founder and CEO at Mintifi.