Existing backers Norwest Venture Partners, Elevation Capital and International Finance Corporation (IFC) also participated in the round, which is likely the primary infusion of capital into the company. “Some of the early backers and ESOP holders will cash out as part of the fund raising,” said Anoop Agarwal, chief executive officer of Mintify.
The startup did not disclose its valuation after the fundraising. Overall, Mintify has raised Rs 1200 crore in equity financing till date.
The latest capital investment, which comes almost a year after the startup raised $40 million in Series C round last year, will help Mintify expand its presence across key sectors. It also aims to add new offerings such as business-to-business payments, dealer management system and strengthen its technology infrastructure on top of its financing offering.
“This round of funding will allow us to accelerate our growth, expand our team, and deliver even more value to our customers,” Agarwal said. A very attractive value proposition for corporate partners to manage the entire supply chain.”
Founded in 2017 by Aggarwal, Ankit Mehta and Sanjoy Shome, Mintify provides supply chain payment, invoicing and purchase financing solutions to distributors and retailers in the supply-chain space. It works with over 100 leading brands in the country including Tata Motors, Jockey, Finolex, Varun Beverages, Parle Agro, TVS Motorcycles, Bridgestone, Prince Pipes and Berger Paints.
“Our plug-and-play approach allows us to scale rapidly by tapping into the vast excellent receivable pool of blue-chip corporates while maintaining profitability,” he added.
Mintifi’s operating revenue grew 2.7 times 56.8 crore for the financial year (FY) 2022. One of the few profitable fintech startups in the country, the company reported a net profit 1.03 crore in FY22.
“We’ve grown almost 400% in the last 12 months alone. “This year, on a very large basis, we will grow at least 150 to 200%,” Agarwal said in an interaction. acquisition costs.”
The company is working on the revenue run rate 20 crores per month, above 6 crore in February last year. is expected to reach the rate of 45-50 crore by March 2024, the founder said.
“Mintify is addressing the whitespace in supply chain finance. Its flexible supply-chain finance solutions create a win-win situation for anchors, distributors and retailers and demonstrate great product market fit,” said Saravanan Natanamai, Premji Invest said in a statement.
PremjiInvest is the private investment vehicle of Wipro founder-chairman Azim Premji, which invests in public and private markets across industries including technology, consumer, financial and healthcare industries. It has previously backed firms such as SBI General Insurance, Aditya Birla Capital, Shubham Housing Finance, CreditB, PolicyBazaar, FabIndia, Hygienic Research, ID Foods, Lenskart and Flipkart.
Avendus Capital acted as exclusive financial advisor to Mintify
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