Digital lending startup Mintifi eyes $60M funding; targets $1B in lending: Report

Mintifi, a supply chain financing fintech startup, is reportedly in talks to raise at least $60 million at double its existing valuation. With the fresh capital infusion, the International Finance Corporation (IFC)-backed platform looks to shore up equity to expand its lending book to as much as $1 billion.

The company is eyeing a pre-money valuation of $350 million, sources told Moneycontrol. Mintifi has hired investment bank Avendus Capital as the exclusive financial advisor for the deal.

YourStory could not independently verify the report, as both Avendus and Mintifi declined to comment.

The startup was last valued at about $150 million-$200 million when it raised $40 million in its Series C round in February last year from Norwest Venture Partners and Elevation Capital. The funds were marked to build Mintifi's tech infrastructure and expand its product offerings.

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Founded by Anup Agarwal, Ankit Mehta, and Sanjoy Shome in 2017, Mintifi digitises payments, invoicing, and purchase financing solutions for distributors and retailers.

It offers BNPL (buy now pay later) platform for SMEs, a plug-and-play solution through its co-lending platform, and is building an end-to-end fulfilment platform for the supply chain network across industries. 

The startup claims to work with over 100 leading brands across India, including Bridgestone Tyres, NIVEA, Tata Motors, Polycab, Berger Paints, and Jockey.