Mintifi’s FY25 Profit Surges 56% To INR 145 Cr

Fintech startup Mintifi’s (Minitifi Pvt Ltd) consolidated net profit zoomed 56% to INR 145 Cr in the financial year ended March 2025 (FY25) from INR 93 Cr in the previous fiscal year.

The supply chain financing startup’s total revenue also jumped 49% to INR 494 Cr in FY25 from INR 331 Cr in the previous financial year, as per a report by CareEdge Rating. 

It is pertinent to highlight that the numbers are provisional.

Founded in 2017 by Anup Agarwal, Ankit Mehta and Sanjoy Shome, Mumbai-based Mintifi provides supply chain financing solutions for small and medium enterprises (SMEs). 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 provides financing via its NBFC Mintifi Finserve Private Limited (MFPL). The NBFC arm’s standalone total income rose 51% to INR 482 Cr during the year under review from INR 319 Cr in FY24, as per the report. In FY25, MFPL accounted for 97.7% of Mintifi’s total income. 

The startup earned the remaining income from its distributor business. Apart from earning revenue from interest on loans, Mintifi also earns from sale of textile goods and consulting services. 

Meanwhile, MFPL’s net profit zoomed 69% to INR 120 Cr from INR 71 Cr in FY24. 

The NBFC also recorded an increase in its total capital adequacy ratio (CAR) to 46.01% from 44.72% in the previous year. 

As per the report, this capital surplus at MFPL was supported by Mintifi’s recent $180 Mn Series E funding round, which was co-led by Teachers’ Venture Growth (TVG) and Prosus.

Prior to that, Mintifi raised $110 Mn in its Series D funding round led by Premji Invest in 2023. This round also saw participation from Norwest Venture Partners, Elevation Capital and International Finance Corporation (IFC). The startup also counts Ontario Teachers’ Pension Plan (OTPP) and Lok Capital among its investors. 

In total, the group raised INR 797 Cr in FY25, out of which INR 336 Cr has already been infused into the lending business, CareEdge Ratings said. 

“The remaining INR 461 Cr is also expected to be channelled into lending operations, supporting MFPL’s continued business growth and earnings profile,” the report added. 

The ratings agency reaffirmed MFPL’s rating at ‘CARE A’ and revised the outlook from stable to positive for its INR 2,000 Cr long-term bank facilities. It also assigned a short-term rating at ‘CARE A1+’ for its INR 100 Cr commercial papers.

It cited the capital infusion in parent Mintifi, growing scale of operations, improving earning profile, experienced management team, adequate resource profile, and anchor-based customer underwriting model as the reason behind the upgrade in MFPL’s outlook.

Mintifi competes with the likes of Oxyzo, KredX and Progcap.