Mintifi, India’s leading supply chain financing platform, announced a Series E related fundraise of USD 180 million, co-led by Teachers’ Venture Growth (“TVG”), the late-stage venture and growth equity investments arm of Ontario Teachers’ Pension Plan (“Ontario Teachers’”) and Prosus, along with participation from existing investor Premji Invest.
The financing is a combination of primary and secondary transaction. This fresh funding will deepen Mintifi’s presence across key sectors and consolidate its market leadership in the downstream supply chain financing space.
Founded by industry veterans, Anup Agarwal, Sanjoy Shome and Ankit Mehta, Mintifi closely works with over 300 leading brands across India, including Asian Paints, Varun Beverages, Parle Products, Honda, Shree Cement, TVS and Castrol to create a compelling proposition for brands, distributors and retailers via digitization of B2B payments, inventory financing and credit management thereby increasing inventory turns and fueling revenue growth across the supply chain networks. The Company will utilise the funds 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. Mintifi has been growing exponentially over the years, processing over USD 3 billion invoices annually which is expected to cross USD 6 billion by the end of FY26.
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.”
Earlier Mintifi had raised capital from marque global investors including Elevation Capital, Norwest Venture Partners, IFC and Lok Capital. With this round, Mintifi’s overall capital base of equity and debt will cross over USD 1 billion and will help the Company to further deepen its engagement with its brand partners and serve the long tail of the distribution network across India.
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.