B2B digital lending startup Mintifi is reportedly negotiating to raise $100 million in a new funding round from Ontario Teachers’ Pension Plan (OTPP), private equity firms Bain Capital and Advent International, as well as over 20 other investors.

According to media report, citing a source familiar with the situation, "At least 20 investors are vying to participate in Mintifi's $100 million round. However, Mintifi has yet to determine its next steps and finalize the process based on the valuation being proposed."

Founded in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, Mintifi is a B2B lending platform focused on small and medium enterprises (SMEs). It provides a range of products including payment solutions, invoicing, and customized financing options.

Additionally, Mintifi’s services help large corporations digitize their supply chains and offer purchase financing to their distributors.

Mintifi partners with prominent companies such as Tata Motors, Nivea, and Page Industries (the exclusive licensee for Jockey in India) to digitize their supply chains and extend credit to stakeholders like distributors and retailers. This allows distributors to secure inventory and delay payments.

In March of the previous year, the startup raised $110 million (INR 902 crore) in its Series D funding round, led by Premji Invest. Earlier, in February 2022, Mintifi secured $40 million in its Series C round, led by Norwest Venture Partners and Elevation Capital. With the current funding round, Mintifi has now raised a total of $175 million in equity and debt from various investors.

In March 2023, Mintifi raised $110 million, with co-founder and CEO Agarwal highlighting their goal to disrupt supply chain financing using a unique flow-based underwriting model. The company offers various financing solutions to SMEs, including working capital loans, term loans, and overdraft facilities.

They provide credit lines up to Rs.2 crore for inventory purchases and collateral-free loans up to Rs.50 lakh. Mintifi operates through NBFC Mintifi Finserve Private Limited and partners with Utkarsh Small Finance Bank, Fullerton India, and Muthoot Finance.