Mintifi
Overview
Mintifi is a fintech startup based in Mumbai, India, founded in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome. The company specializes in supply chain finance solutions, offering financial services such as inventory financing, working capital loans, and invoice discounting primarily to small and medium-sized enterprises (SMEs). As of 2024, Mintifi has raised approximately $175 million from multiple investors, including Norwest Venture Partners, Premji Invest, and the International Finance Corporation.
Recent Developments
- December 2024: Mintifi announced a significant investment from Prosus, which invested $80 million for a 10.65% stake in the company. This investment valued Mintifi at approximately $750 million. This move follows a previous investment round in March 2023, where Mintifi raised $110 million led by Premji Invest.
- March 2023: The company secured $110 million in a Series D funding round. This capital was earmarked for expanding Mintifi’s loan book and enhancing its technological platform to offer more comprehensive services to its clients.
- Financial Growth: For the fiscal year 2023, Mintifi reported a total net income of ₹156.9 crore with a net profit of ₹24.8 crore. It was estimated that by fiscal year 2024, the net income would reach ₹330.8 crore, and profits would touch ₹97.8 crore.
- Expansion Plans: Mintifi has been actively looking to expand its offerings and deepen its engagement across its supply chain network. This includes plans to broaden its B2B payment solutions and enhance dealer management systems.
- Strategic Partnerships: The company continues to work with major corporates like Tata Motors, Nivea, and Bridgestone, helping them digitize supply chains and providing credit solutions to stakeholders such as distributors and retailers.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2017 |
| Headquarters | Mumbai, Maharashtra, India |
| Founders | Anup Agarwal, Ankit Mehta, Sanjoy Shome |
| Revenue (FY23) | ₹156.9 crore |
| Profits (FY23) | ₹24.8 crore |
| Key Investors | Prosus, Premji Invest, Norwest Venture Partners |
| Industry | Financial Services, Fintech |
| Number of Employees | Approximately 258 |
Early History
Mintifi was founded in 2017 to address the financing gap faced by SMEs in India. Initially, the company concentrated on providing short-term inventory financing and working capital loans to businesses that struggled with acquiring traditional bank loans. By leveraging technology, Mintifi simplified the loan approval process, thus ensuring quick disbursals. Over the years, it has developed a robust digital platform to streamline the financial services it offers, cementing its reputation as a reliable partner for businesses looking to optimize their supply chains.
Company Profile and Achievements
Mintifi has positioned itself as a leading provider of tailored financial solutions for SMEs, focusing on supply chain and working capital financing. The company employs technology to offer flexible financing options, thus resolving a critical bottleneck for many SMEs.
- Business Model: Mintifi generates revenue through interest on loans and associated service fees. Its platform is integrated with clients' ERP systems for seamless transaction management.
- Milestones:
- Raised $110 million in a Series D funding round in March 2023.
- Secured a valuation of $750 million in October 2024 following an investment from Prosus.
- Expanded its loan disbursements to $3 billion annually by end of FY24.
- Technological Initiatives: The company has rolled out digital tools like WhatsApp banking, enabling clients to manage transactions conveniently. This adoption of technology not only improves customer satisfaction but also enhances Mintifi’s operational efficiency.
Current Operations and Market Position
Currently, Mintifi's operations are centered on providing end-to-end supply chain financing solutions across India. It serves over 250 cities with a robust network of corporate partners.
- Market Reach: With a presence in over 250 Indian cities, Mintifi is a key player in the financial inclusion of SMEs.
- Competitive Advantage: Its proprietary flow-based underwriting model and integration with corporate ERP systems provide a competitive edge in India’s fast-growing fintech landscape.
- Impact: By digitizing traditional financial processes, Mintifi enhances the capital accessibility for SMEs, empowering them to achieve better operational efficiency.
Conclusion
Mintifi has emerged as a significant player in the fintech and supply chain financing sectors in India. Its innovative solutions for SMEs have fulfilled a crucial gap between traditional financial institutions and modern business needs. With continuous technological enhancements and a growing portfolio of corporate partnerships, Mintifi is well-positioned to maintain its growth trajectory. As it expands its offerings, Mintifi is set to strengthen its role in transforming how SMEs manage their financial requirements in India.