Mumbai-based supply chain start-up Mintifi has raised $110 million in its Series D funding round led by Premji Invest. The round also saw the participation of existing inventors like Norwest Venture Partners, Elevation Capital and International Finance Corp.
The supply chain start-up will utilise the newly-generated fund to expand its footprint in multiple sectors. The company will strengthen its business-to-business (B2B) payment offering with the latest investment. Additionally, it is planning to fortify its technology platform.
Prior to this, it raised $40 million in its Series C round from Norwest Venture Partners and Elevation Capital in 2022. Since its inception, the company has raised more than $200 million through a mixture of debt and equity-based funding. It has claimed to achieve a 4x year-on-year (YoY) growth in revenue.
Founded in 2017, the company works to digitise the supply chain network for its clients. Till now, it has worked with more than 100 companies that include Tata Motors, Finolex, TVS Motorcycles, Bridgestone, Berger Paints and others.
“Our unique plug-and-play approach allows us to scale rapidly by tapping into a 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,” Anup Agarwal, the chief executive officer (CEO) of Mintifi, said.
Addressing the investment, Saravan Nattanmai, the principal at Premji Invest, said, “Mintifi is addressing the whitespace in supply-chain financing in a highly differentiated manner through its distinctly modular platform and powerful anchor-led and tech-driven origination, underwriting and collection process. Its flexible supply-chain finance solutions create a win-win situation for anchors, distributors and retailers and have demonstrated great product market fit."