Fintech firm Mintifi raises $40-M from Norwest Venture, Elevation Capital

Mumbai-based Mintifi, a B2B BNPL (buy now, pay later) platform, has raised USD 40 million in a Series C round led by Norwest Venture Partners and Elevation Capital. The company will use the fresh funds to continue to build on its tech infrastructure, expand its product offerings, including BNPL solutions for SMEs, scale the co-lending platform through its solution and deepen its engagement across the supply chain network by building a fulfilment platform across industries. Avendus Capital acted as the exclusive financial advisor to Mintifi on this transaction. Mintifi has grown over 4x year-on-year with annualised purchases financed touching USD 300 million, which is expected to cross USD 1 billion by 2023.