Mintifi raises USD 40 Mn funding from Norwest & Elevation
Led by Norwest Venture Partners and Elevation Capital, B2B digital lending startup, Mintifi, has raised USD 40 Mn in its Series C funding round.
The startup will utilise the funding to expand its product offerings and to strengthen its tech infrastructure. Mintifi CEO and cofounder, Anup Agarwal, said, “The entire B2B ecosystem is at the cusp of a massive transformation across credit, payments and fulfilments and we are happy to play our bit in driving it. Today, across industries, brands are using our platform to drive higher efficiency and faster growth in their supply chain network and we will continue to help SMEs grow their businesses. More importantly, we are proud to drive these innovations, while still ensuring profitability.”
The startup is backed by investors like IFC and Elevation Capital and has so far raised upwards of USD 56 Mn in multiple funding rounds. Nearly USD 300 Mn in annualised purchases Mintifi has grown over 4X year-on-year (YoY) financing. By 2023 the startup expects the number to cross USD1 Bn.To offer services on its co-lending platform the startup also partners with a host of banks and financial institutions.
Growing at a CAGR of 31 per cent during 2021-2025, India’s overall fintech market opportunity is estimated to be USD1.3 Tn by 2025. More than double of what was raised back in 2020, close to USD 1.38 Bn was raised by lending startups last year. India now houses more than 200 funded startups in the lendingtech space beginning with a handful of startups, providing services to different sets of users in different formats.
The startup will utilise the funding to expand its product offerings and to strengthen its tech infrastructure. Mintifi CEO and cofounder, Anup Agarwal, said, “The entire B2B ecosystem is at the cusp of a massive transformation across credit, payments and fulfilments and we are happy to play our bit in driving it. Today, across industries, brands are using our platform to drive higher efficiency and faster growth in their supply chain network and we will continue to help SMEs grow their businesses. More importantly, we are proud to drive these innovations, while still ensuring profitability.”
The startup is backed by investors like IFC and Elevation Capital and has so far raised upwards of USD 56 Mn in multiple funding rounds. Nearly USD 300 Mn in annualised purchases Mintifi has grown over 4X year-on-year (YoY) financing. By 2023 the startup expects the number to cross USD1 Bn.To offer services on its co-lending platform the startup also partners with a host of banks and financial institutions.
Growing at a CAGR of 31 per cent during 2021-2025, India’s overall fintech market opportunity is estimated to be USD1.3 Tn by 2025. More than double of what was raised back in 2020, close to USD 1.38 Bn was raised by lending startups last year. India now houses more than 200 funded startups in the lendingtech space beginning with a handful of startups, providing services to different sets of users in different formats.
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