Premji Invest, existing investors raise $110 million for Mintifi

Premji Invest led a USD 110 million funding round for supply-chain financing platform Mintifi, alongside existing investors.

Agarwal, Mehta, and Shome founded the city-based startup in 2017, which raised USD 175 million in equity and debt.

The funding will enable it to expand the capital base to over USD 600 million and help deepen its business network with its brand partners, Mintifi said.

The fund infusion will be used to deepen its presence across key sectors and consolidate its market leadership in downstream supply chain financing, Mintifi added.

Among the brands that use Mintifi are Tata Motors, Jockey, Finolex, Varun Beverages, Parle Agro, TVS Motorcycles, Bridgestone, Prince Pipes, Berger Paints, among others, who use it to digitize payments, invoices and purchase financing for their distributors and retailers.

Anup Agarwal, Cofounder and chief executive of Mintifi said they capitalize on their proprietary flow-based underwriting model with a plug-and-play approach which allows them to scale rapidly by tapping into huge outstanding receivable pools of corporates while maintaining profitability.

Avendus Capital has advised the funding will allow them to accelerate growth, expand the team, and deliver greater value to customers, he added without disclosing how much Premji Invest and others have pumped in.