Mintifi raises $4o m in Series C funding round

Mintifi in the Series C funding round led by Venture Capitals wherein Avendus Capital acted as the exclusive financial advisor

CIOL Bureau
New Update
Mintifi in the Series C funding round led by Venture Capitals wherein Avendus Capital acted as the exclusive financial advisor

Mintifi, a B2B BNPL platform of India, has raised $40 million in its Series C round of funding led by Norwest Venture Partners and Elevation Capital. The company will use the fresh funds to continue to build on its tech infrastructure and expand its product offerings. 


Including BNPL solutions for SMEs, scale the co-lending platform through its plug and play solution and deepen its engagement across the supply chain network by building an end-to-end fulfilment platform across industries. Mintifi has grown over four times a year with annual purchases financed touching $300 million, which is expected to cross $1 billion by 2023. 


Industry veterans like Anup Agarwal, Ankit Mehta and Sanjoy Shome found it. Mintifi closely works with over 100 brands across India, including Tata Motors, Bridgestone Tyres, Berger Paints, Polycab, NIVEA and Jockey. 


It unlocks their supply chain by digitizing payments, invoicing and purchase financing solutions for their distributors and retailers. The traditional B2B payments have followed fixed, multipurpose credit terms that are non-adapted to the cash-cycle needs of distributors and retailers.

Mintifi’s payment and financing stack is a compact proposition for brands, distributors and retailers via improved payment processing time and increased inventory turns, fuelling revenue growth across the supply chain. Mintifi partners with marquee banks and financial institutions on its co-lending platform.



About the transaction, Anup Agarwal, Co-founder and CEO at Mintifi said, "The entire B2B ecosystem is at the cusp of a massive transformation across credit, payments and fulfilments. We are happy to play our bit of driving it. 

Today, across industries, brands are using our platform to drive higher efficiency and faster growth in their supply chain network and we will continue to help SMEs grow their businesses. More importantly, we are proud to drive these innovations, while still ensuring gain. We are thrilled to welcome Norwest Venture Partners and Elevation Capital as we gear up for our next phase of growth.” 



Niren Shah, Managing Director and Head at Norwest Venture Partners India, said, “Norwest is delighted to lead a growth investment round in Mintifi. Mintifi adopts a full-stack approach to address the transaction, financing and payments needs of the B2B ecosystem through its unique B2B BNPL solution and technology platform. Its offering has witnessed strong adoption from over 100 leading brands in India while operating a profitable business model. We are excited to partner with Anup, Ankit and Sanjoy on this journey to guide the B2B BNPL platform.”


Mridul Arora, Partner at Elevation Capital, said, "At Elevation, we are big believers in the opportunity that contextual and corporate-led supply chain credit can unlock for B2B commerce in India. Over the years, Mintifi has created a distinctive business model with a strong product-market fit and customer delight. As a result, the business has demonstrated vigorous growth and unit economics. We are privileged to be partnering with the Mintifi team on their journey to scale their credit offerings and pursue fulfilment opportunities with the vision and add to supply chain Fintech platform.”


Before this round, Mintifi had raised equity and debt to the tune of $60 million. This round of funding will enable Mintifi to expand its capital base to over $500 million to speed up its business with its brand partners. 

Besides Norwest and Elevation, Mintifi counts International Finance Corporation (IFC) (member of the World Bank) and Lok Capital as shareholders.



About Mintifi Pvt. Ltd.

Mintifi is a B2B BNPL platform of India providing end-to-end fulfilment across the supply chain for over 100 brands in India. Founded in 2017 by Anup Agarwal, Ankit Mehta and Sanjoy Shome have already stirred the market by bringing automation to the forefront in an otherwise traditional and manual space. It offers payments, invoicing and financing solutions to brands, distributors and retailers. 

Its advanced receivables management suite enables the monetization of receivables instantly. Mintifi also provides SMEs with an array of solutions right, from invoicing to collections and risk management to reconciliation. 


Mintifi caters to 250+ cities in Pan—India and partners to scale businesses. It solves the issues of supply chain working capital as well.


About Norwest Venture Partners

Norwest Venture Partners is a global, multi-stage investment firm that manages approximately $12.5 billion in capital and has funded over 650 companies since its inception. 

They focus on early to mid-stage venture capital and growth equity across the sectors, including Fintech, Consumer tech, B2B, SaaS, Edtech, Logistics, Healthcare and more. Some investments in India include Swiggy, OfBusiness, Kotak Mahindra Bank, Five Star, MENSA, Vastu Housing, Duroflex, National Stock Exchange, IndusInd Bank, SK Finance, Pepperfry, Xpressbees, Amagi, Thyrocare, Ummeed, etc. Norwest has offices in Palo Alto, San Francisco, India, and Israel.


About Elevation Capital

Elevation Capital is a venture capital firm that provides seed and earliness capital for emerging companies in India. It has been investing in India since 2002 and is currently investing out of its seventh pool of capital. 

The Co-Managing Partners Ravi Adusumalli and Mukul Arora, Mridul Arora, Deepak Gaur, Mayank Khanduja and Vivek Mathur manage the firm. It has invested in over 150 companies across Consumer Internet, SaaS, Fintech, D2C, Edtech, Healthtech and Web3.

funding venture-capitalists mintifi b2b