IFC-backed Mintifi raises $40 million from Norwest Venture, Elevation

The IFC-backed Mintifi, a B2B-focused buy-now-pay-later platform, has raised USD 40 million (about Rs 300 crore) in its series-C round led by Norwest Venture Partners and Elevation Capital.

With this the company has raised equity and debt worth USD 60 million. This funding will enable it to expand their capital base to over USD 500 million helping it accelerate its business.

In addition to Norwest and Elevation, Mintifi counts the International Finance Corporation and Lok Capital as shareholders.

The company will use the funds to build on its tech infrastructure, expand product offerings, including BNPL solutions for SMEs, scale up its co-lending platform through plug and play solution and deepen its engagement across the supply chain network by building an end-to-end fulfilment platform across industries.

Founded in 2017 by industry veterans Anup Agarwal, Ankit Mehta and Sanjoy Shome, Mintifi lists Tata Motors, Bridgestone Tyres, Berger Paints, Polycab, Nivea and Jockey as some of its over 100 brands. It helps unlock their supply chain by digitising payments, invoicing and purchase financing solutions for distributors and retailers.

Mintifi's payment and financing stack creates a win-win for brands, distributors and retailers trough improved payment processing time and increased inventory turns, thereby fuelling revenue growth across the supply chain.

It partners with banks and financial institutions on its co-lending platform, Anup Agarwal, co-founder and chief executive said.

Prior to this round that has been advised by Avendus Capital, Mintifi had raised equity and debt to the tune of USD 60 million. This funding will enable it to expand their capital base to over USD 500 million helping it accelerate its business.