Mintifi, a supply chain financing platform, has raised $180 million in its Series E funding round co-led by Teachers’ Venture Growth (TVG), the late-stage venture and growth equity investments arm of Ontario Teachers’ Pension Plan and Prosus.
The financing is a combination of primary and secondary transactions. With this round, Mintifi’s overall capital base of equity and debt will cross over $1 billion.
The round also saw participation from existing investor Premji Invest. Earlier Mintifi had raised capital from marque global investors including Elevation Capital, Norwest Venture Partners, IFC and Lok Capital.
The fresh funds will be used to expand on its new offerings, including dealer management systems, loans against property, domestic/ overseas factoring and leveraging AI to build best-in-class experiences for corporate clients and their supply chain partners.
As part of investment, Darius Vakil, Director, TVG, India, who leads late-stage venture and growth investments in India, and Apoorve Goyal, Managing Director, Prosus, India will join the Board of Mintifi.
Regarding the funding, Anup Agarwal, Co-founder and CEO at Mintifi said, “We are super excited to partner with Ontario Teachers’ and Prosus, two leading global investors, in our journey of building the largest supply chain financing company in India. This transaction is also an important milestone for us as we were able to successfully provide an exit to our early backers with approximately 11x return as well as provide an opportunity for a large number of our team members to liquidate their ESOPs. 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.”
Deepak Dara, Senior Managing Director and Head of India for Ontario Teachers’ said, “Our investment in Mintifi reflects TVG’s strategy of identifying high-growth, tech-first companies led by strong management teams. 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.”
Sharing more about the investment, Apoorve Goyal, Managing Director, Prosus, India, 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. We are excited to contribute to the Company’s long-term growth and value creation in the sector.”
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.”
Founded in 2017 by Anup Agarwal, Sanjoy Shome and Ankit Mehta, Mintifi provides full-stack end-to-end fulfilment across the supply chain.
Mintifi offers payments, invoicing and financing solutions to brands, distributors, and retailers. Mintifi’s in-house automated transaction engine enables instant monetization of receivables and provides SMEs with an array of solutions right from invoicing to collections and risk management to reconciliation.
Mintifi closely works with over 300 leading brands across India, including Asian Paints, Varun Beverages, Parle Products, Honda, Shree Cement, TVS and Castrol.
Mintifi has been growing exponentially over the years, processing over $3 billion invoices annually which is expected to cross USD 6 billion by the end of FY26.
