The country’s first ever online capital lending platform Mintifi has announced that it has secured funds of 110 million US dollars as a part of its Series D funding round on Wednesday, 8th March 2023.
About Mintifi’s recent Fundraise
The Fresh funding round for the private equity company Mintifi was led by the multi-family office specialised for the private equity based in Bengaluru, the Premji Invest. The funding round for the company also witnessed the participation of several existing investors including the world’s greatest Finance development institution the International Finance Corporation, the growth equity firm Norwest Venture Partners and the Elevation Capital.
The company plans to utilise the freshly raised capital to intensify the company’s technical infrastructure and also wishes to upgrade the engagement of the supply chain by creating end-to-end fulfilment product range.
The company also wishes to include the business-to-business (B2B) payments along with extending the product range. Besides, the firm also wants to increase its capital base to more than 600 million US dollars along with intensifying the network with brand partners.
The Chief Executive Officer of the company said that the firm is set to dismiss the supplier finance by capitalising the proprietary flow based underwriting model with the help of the company’s distinctive plug-and-play scale. Also, he said adding to his statement that with the funds raised in the Series D Funding round will help the company to scale the growth and increase the workforce to provide greater value to the customers.
About The Company Mintifi
The online based capital ending firm Mintifi was established in the year 2017 Co-Founded by Anup Agarwal, Sanjay Shome and Ankit Mehta. The headquarters of the company is based in Mintifi. The company has provided digitising the supply chain of financing to the companies like the Parle Agro, Tata Motors, Berger Paints, Polycab, Bridgestone, Nivea and Jockey.
The company had raised an amount of 40 million US dollars in a funding round led by the company’s existing investors the Elevation Capital and Norwest Venture Partners.
Photo Credit-The Hindu Business Line
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