Fintech Startup Mintifi Bags $180 Mn From TVG, Prosus

Days after Prosus announced its $79.9 Mn (about INR 677 Cr) investment in Mintifi, the fintech startup said it has raised a total of $180 Mn (over INR 1500 Cr) in its Series E funding round.

The round, which was a mix of primary and secondary transactions, was co-led by Teachers’ Venture Growth (TVG) and Prosus. It also saw participation from existing backer Premji Invest.

Earlier, Prosus revealed that it acquired a 10.65% stake in Mintifi with its investment of about $80 Mn. 

As part of the investment, TVG India director Darius Vakil and Prosus India managing director Apoorve Goyal will join the board of Mintifi, the startup said in a statement.

The Mumbai-based startup plans to deploy the fresh capital to expand its footprint across key sectors and strengthen its position in the supply chain financing segment. It plans to expand its new offerings, including dealer management systems and loans against property, along with leveraging AI to enhance user experience.

“This transaction is also an important milestone for us as we were able to successfully provide an exit to our early backers with approximately 11X return as well as provide an opportunity for a large number of our team members to liquidate their ESOPs,” Mintifi cofounder Anup Agarwal said.

Founded by Agarwal, Ankit Mehta and Sanjoy Shome in 2017, Mintify helps small and medium enterprises (SMEs) in financing requirements. The startup offers advanced receivables management suite, facilitating businesses with solutions like invoicing, collections and risk management. It claims to have partnered with the likes of Tata Motors, Nivea, and Page Industries, among others, to digitise their supply chain.

Mintifi counts International Finance Corporation (an arm of the World Bank), Lok Capital and Growth Catalyst Partners among its key backers.

Last year, the B2B lending startup bagged $110 Mn (around INR 902 Cr) in its Series D funding round led by Premji Invest. Back then, the startup said it would deploy the funds to scale up the B2B payments vertical, dealer management system, and strengthen its tech stack.

Overall, Mintifi said it has raised over $1 Bn in equity and debt till date.

The startup turned profitable in FY23, posting a net profit of INR 25 Cr as against a loss of INR 1 Cr in the previous fiscal year. Revenue surged around 278.3% to INR 227 Cr from INR 60 Cr in FY22.