Mintifi raises $110M in Series D, Mitra secures early-stage funding

YourStory presents the daily funding roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday (March 8, 2023).

Mintifi raises $110M in Series D, Mitra secures early-stage funding

Wednesday March 08, 2023,

2 min Read

Mintifi raises $110M in Series D led by Premji Invest

Supply chain financing platform Mintifi has raised $110 million in Series D funding round led by Premji Invest and Norwest Venture Partners, Elevation Capital, and International Finance Corporation (IFC), also participated in the round.

Mintifi said this new fund infusion will help it to expand its capital base to over $600 million. The Mumbai-headquartered company will use the funds to expand its presence in some of the key sectors in addition to improving new offerings like business-to-business (B2B) payments and dealer management system, it said in a statement. 

Founded in 2017, Mintifi offers financing options to distributors and retailers in addition to providing offerings including payments digitisation and electronic invoicing and payment solutions. 

“Our unique plug-and-play approach allows us to scale rapidly by tapping into huge outstanding receivable pool of blue-chip corporates while maintaining profitability. This round of funding will allow us to accelerate our growth, expand our team, and deliver even greater value to our customers,” said Anup Agarwal, Co-founder and CEO at Mintifi.

D2C food brand Mitra raises seed funding from ah! Ventures

FMCG brand DealBasket-MITRA has raised an undisclosed amount in seed funding from early-stage venture capital ah! Ventures. The Gurugram-based startup plans to use the capital to set-up a manufacturing unit and deploy technology to strengthen its product and service capabilities.

Founded in 2022 by Abhishek Kaushik, the firm sells different types of flour, pulses, spices, dry fruits, nuts, rice, instant mixes, millet-based and ready-to-eat products in 40 variants sourced directly from farmers. It has sold over 42,000 flour packs through its network of more than 200 distributors, retailers, and online platforms so far, the company said.

“Grabbing a No 2 position in then market with 70% repeats within 2 months only clearly states their CSAT and product adoption has a long way to go," Ashish Kumar Goel, venture partner at ah! Ventures, said.

Edited by Akanksha Sarma