The new investors are planning to invest on digital lending platform for retails and distributors. Mintifi is planning to advance service for the supply chain as well.
In Bengaluru Mintifi is founded in 2017. Mintifi BNPL provides a solution to Buy now, pay later for SMEs, has uplift in increase of $40 million in funding which is led by Norwest Venture Partners and Elevation Capoital. The company is using the fresh funds to continue building on its tech infrastructure that expands its product offerings and scales on co-lending platform through its play solution.
Minifiti is creating a digital lending platform for retailers and distributors who has raised around Rs. 299 crores in fresh funding, which is led by Elevation Capital and Norwest Venture Patners. Mintifi founders Anup Agarwal, Ankit Mehta and Sanjoy Shome who expects to use the funds to build the existing technology infrastructure and, expand into a latest offering as scale up its team for its company.
Mintifi has grown four times in a yearly bases, with visualised purchased finance touching $300 million. This is a huge company which works with around 100 brands across India, which includes Tata Motors, Bridgestone Tyres, Berger Paints and jockery who are the supply chain partners as well.
Minifiti is creating a digital lending platform has raised around Rs. 299 crores in fresh funding.
According Media, Mintifi Co- founder Anup Agarwal told, “The nature of our lending is more similar to Buy-now! Pay later (BNPL) loans to business, where we provide help the distributors with customised short-term loans and help them buy more inventory and pay later solution.â€
Money control Co-founder and CEO startup Agarwal said, “We have a credit cost of less than one percent, and we don’t spend any money in acquiring new customers. Since we deal directly with companies, we also borrow at a cost of just 10 percent,”.
As for Mintifi raised the equity and debt around $60 million. This round of funding will allow the Mintifi company to expand their capital base to above $500 million. The investors who are becoming a part of investing in it are Norwest and Elevation, (IFC) International Finance Corporation and Lok Capital. Agarwal added, “As part of our business model, the money is never paid directly to the SME borrower. The payment is directly done to the principal suppliers, indirectly funding these SMEs against an inventory that they are buying. It also ensures that instances of frauds and inflated balance sheets are eliminated.
Head of Norwest Venture Partners India, Niren Shah.
Mintifi latest fundraising scaling towards its monthly spending to Rs 500 crore by March 2023. It is predicting to scale its overall spending nearly to $1 billion and has added 150 members in its operational team for over next 12 months.
Head of Norwest Venture Partners India, Niren Shah said, “Mintifi adopts a full-stack approach to address the transaction, financing and payments needs of the Business to Business ecosystem through its B2B BNPL solution and technology platform. There offering has witnessed solid adoption from over 100 leading brands in India, while operating a profitable business model,â€.
Mintifi is planning to diversify its offerings and offer full-stack services such as distribution, warehousing and logistics to corporate manufacturers. It is also looking to extend its offerings to new-age direct-to-consumer brands helping them connect with distributors and provide end-to-end supply chain services.