Mintifi announces USD 180 million Series E funding round co-led by Teachers’ Venture Growth and Prosus with participation from Premji Invest
Mumbai, December 9, 2024: Mintifi, India’s leading supply chain financing platform, announced a Series E related fundraise of USD 180 million, co-led by Teachers’ Venture Growth (“TVG”), the late-stage venture and growth equity investments arm of Ontario Teachers’ Pension Plan (“Ontario Teachers’”) and Prosus, along with participation from existing investor Premji Invest. The financing is a combination of primary and secondary transaction. This fresh funding will deepen Mintifi’s presence across key sectors and consolidate its market leadership in the downstream supply chain financing space.
Founded by industry veterans, Anup Agarwal, Sanjoy Shome and Ankit Mehta, Mintifi closely works with over 300 leading brands across India, including Asian Paints, Varun Beverages, Parle Products, Honda, Shree Cement, TVS and Castrol to create a compelling proposition for brands, distributors and retailers via digitization of B2B payments, inventory financing and credit management thereby increasing inventory turns and fueling revenue growth across the supply chain networks. The Company will utilise the funds to expand on its new offerings, including dealer management systems, loans against property, domestic/ overseas factoring and leveraging AI to build best-in-class experiences for corporate clients and their supply chain partners. Mintifi has been growing exponentially over the years, processing over USD 3 billion invoices annually which is expected to cross USD 6 billion by the end of FY26.
Regarding the funding, Anup Agarwal, Co-founder and CEO at Mintifi said, "We are super excited to partner with Ontario Teachers’ and Prosus, two leading global investors, in our journey of building the largest supply chain financing company in India. 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. This round of financing will further help us in building cutting-edge tech solutions to deliver even more seamless, efficient solutions for our customers across B2B payments, financing and inventory management.”
Deepak Dara, Senior Managing Director and Head of India for Ontario Teachers’ said, “Our investment in Mintifi reflects TVG’s strategy of identifying high-growth, tech-first companies led by strong management teams. Mintifi’s distinctive model of providing invoice-backed credit directly to brands, reinforced by robust risk guardrails and a proprietary tech stack, positions it as a leader in India’s supply chain finance landscape. We are excited to partner with Anup, Sanjoy and Ankit to support Mintifi’s growth and drive long-term value creation in this scalable and underpenetrated segment across the region.”
Sharing more about the investment, Apoorve Goyal, Managing Director, Prosus, India, said “Mintifi has carved out a niche over the last few years through its compelling, end-use monitored supply chain finance product; a unique anchor-led go-to market strategy, and a strong technology backbone to drive scale and superior user experience. With a highly experienced founding team helmed by Anup, Sanjoy and Ankit, and a healthy balance sheet to boot, we believe that Mintifi is well poised to become a leader in the supply chain financing industry in India. We are excited to contribute to the Company’s long-term growth and value creation in the sector.”
Sarvanan Nattanmai, Partner, Premji Invest said, “We are excited to double down on our investment in Mintifi as it delivers contextual and frictionless credit products to Indian SMEs using technology and disciplined credit underwriting with strong endorsement by participants across the value chain. With its formidable client roster and robust growth and economics, Mintifi has firmly established its position as India’s leading supply chain financing platform. We are privileged to strengthen our partnership with Anup and the Mintifi team in the next phase of their growth journey.”
Earlier Mintifi had raised capital from marque global investors including Elevation Capital, Norwest Venture Partners, IFC and Lok Capital. With this round, Mintifi’s overall capital base of equity and debt will cross over USD 1 billion and will help the Company to further deepen its engagement with its brand partners and serve the long tail of the distribution network across India.
As part of investment, Darius Vakil, Director, TVG, India, who leads late-stage venture and growth investments in India, and Apoorve Goyal, Managing Director, Prosus, India will join the Board of Mintifi.
About Mintifi Pvt. Ltd.
Mintifi is India's leading supply chain financing platform providing full stack end-to-end fulfilment across the supply chain for over 100 leading brands in India. Founded in 2017 by Anup Agarwal, Sanjoy Shome and Ankit Mehta, Mintifi has become a market leader by bringing automation to the forefront in an otherwise traditional and largely manual space. Mintifi offers payments, invoicing and financing solutions to brands, distributors, and retailers. Mintifi’s in-house automated transaction engine enables instant monetization of receivables and provides SMEs with an array of solutions right from invoicing to collections and risk management to reconciliation.
About Teachers’ Venture Growth
Teachers’ Venture Growth (TVG) focuses on late-stage venture and growth equity investments in cutting-edge technology companies worldwide. We partner with founders with bold missions, looking to expand their product offering, scale geographically, and become the leaders in their markets. We bring long-term thinking and active investing to help build better businesses and a better world. We think globally and act locally through our direct presence across Asia, North America and Europe.
TVG is part of the Ontario Teachers' Pension Plan Board (Ontario Teachers'), a global investor with net assets of CAD 255.8 billion as at June 30 2024. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 340,000 working members and pensioners. Our more than 450 investment professionals operate in key financial centres around the world and bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.3% since the plan's founding in 1990. At Ontario Teachers', we don't just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com/teachersventuregrowth and follow us on LinkedIn.
About Prosus
Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities. The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors. Through the Prosus Ventures team, the group invests in new technology growth opportunities within AI, social and ecommerce platforms, fintech, B2B software, logistics, health, blockchain, agriculture and more. The team actively backs exceptional entrepreneurs who are using technology to improve people’s everyday lives. Each month, more than 2 billion customers across the globe use the products and services of companies that Prosus has invested in, acquired or built. To find out more, please visit www.prosus.com.
About Premji Invest
Premji Invest (PI) is a leading global investment firm with a charter to back emerging and disruptive technologies and nurture the spirit of entrepreneurship. PI believes strongly in the transformative role of technology in improving productivity, which in turn impacts social upliftment. Core investment areas are financial services, technology, consumer, industrials and healthcare. PI invests in both private and public markets. Its work primarily supports the philanthropic initiatives of the Azim Premji Foundation, a not-for-profit organisation that seeks to help improve the lives of the underserved and underprivileged in society.
Media Contacts
Teachers’ Venture Growth
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media@otpp.com
Prosus
Poonam Thakur
poonam.thakur@prosus.com