Mintifi bags $180M in Series E funding led by Ontario Teachers’ TVG, Prosus

Supply chain financing platform Mintifi has raised $180 million in a Series E funding round co-led by Teachers’ Venture Growth (TVG), the venture fund of Canadian pension fund Ontario Teachers’ Pension Plan, and Prosus, with participation from Premji Invest.

The funding, a mix of primary and secondary transactions, is set to provide early investors with an 11X exit. The round also facilitated ESOP liquidity for employees, the company said in a statement.

The fresh funds will support Mintifi’s expansion into dealer management systems, loans against property, and factoring services while integrating AI for enhanced corporate solutions.

"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,” Anup Agarwal, Co-founder and CEO at Mintifi 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," Apoorve Goyal, Managing Director, Prosus, India, said.

In its annual report, Prosus said it had acquired a 10.65% stake in the supply chain finance fintech earlier in October for approximately $80 million.

"In October 2024, the group acquired a 10.65% effective interest in Mintifi Private Limited for approximately $79.9 million. Mintifi is a leading supply chain finance fintech in India. The group will account for this investment as an equity-accounted associate on account of its significant influence on the board of directors," the investor said in a statement.

The financing platform last raised $110 million in its Series D funding round led by Premji Invest, with participation from Norwest Venture Partners, Elevation Capital, and International Finance Corporation.

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."

"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," Deepak Dara, Senior Managing Director and Head of India for Ontario Teachers' said.