B2B company Mintifi raises $40 mn in Series C funding to expand business
B2B BNPL platform Mintifi said on Tuesday it has raised $40 million in its Series C round of funding led by Norwest Venture Partners and Elevation Capital. The company will use the fresh funds to continue to build on its tech infrastructure and expand its product offerings.
Mintifi has grown four fold year-on-year with annualised purchases financed touching $300 million, which is expected to cross $1 billion by 2023.
“Mintifi adopts a full stack approach to address the transaction, financing and payments 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, Managing Director and Head at Norwest Venture Partners India.
Founded by Anup Agarwal, Ankit Mehta and Sanjoy Shome, Mintifi works with over 100 leading brands that include Tata Motors, Bridgestone Tyres and Berger Paints for helping their supply chain by digitizing payments, invoicing and purchase financing solutions for distributors and retailers.
B2B payments have traditionally followed rigid, one-size-fits-all credit terms that are not tailored to the cash-cycle needs of distributors and retailers. Mintifi’s payment and financing stack provides brands, distributors and retailers improved payment processing time and increased inventory turns, said the company.
“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 and we will continue to help SMEs grow their businesses,” said Anup Agarwal, co-founder and CEO at Mintifi.
Mridul Arora, Partner at Elevation Capital said, “At Elevation, we are big believers in the opportunity that contextual and corporate-led supply-chain credit can unlock for B2B commerce in India. Over the years, Mintifi has created a distinctive business model with a very strong product-market fit and customer delight and as a result, the business has demonstrated strong growth as well as unit economics.”
Prior to this round, Mintifi had raised equity and debt to the tune of $60 million. This round of funding will enable Mintifi to expand its capital base to over $500 million. In addition to Norwest and Elevation, Mintifi counts International Finance Corporation (IFC) (member of the World Bank) and Lok Capital as shareholders.
Avendus Capital acted as the exclusive financial advisor to Mintifi on this transaction.
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