PE Fund Investments
Supply chain financing co Mintifi raises $110-M led by Premji Invest
Mumbai-headquartered supply chain financing platform Mintifi has raised USD 110 million in a fresh round of funding led by Premji Invest, with participation also from existing investors Norwest Venture Partners, Elevation Capital and International Finance Corporation. Almost 90% of the amount has been raised by selling new shares, with the proceeds going to the company. The remaining 10%, raised through secondary shares, is to provide liquidity to employees and early investors. Avendus Capital acted as the financial adviser to Mintifi on this transaction. Mintifi plans to use a large part of the proceeds to expand its loan book and grow disbursals on the platform. The funds will also be used to bolster its technology platform and offer a software product to corporate partners to help them monitor supply chain distribution. Founded in 2017, Mintifi works towards digitising the supply chain for corporate clients such as Tata Motors, Jockey and Parle Agro, while providing purchase finance to their distributors. This allows the distributors to procure more inventory and pay later. Minitifi claims to have nearly 150 corporate partners. It has disbursed USD 1.7 Billion in purchase-financing credit till date. The firm looks to make USD 8-10 million in profit after tax for fiscal 2023.
From the Venture Intelligence PE-VC Deal Database: Between Nov-2017 and Feb-2022, Minttifi had raised almost USD 60-M from Norwest, Elevation Capital, IFC, Lok Capital and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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