Global investor Prosus is set to invest up to $100 million in Mintifi Finserve, a supply-chain financing startup, according to sources familiar with the matter. This funding round would value the seven-year-old company at $1 billion, securing its status as a unicorn.
A source confirmed, “The term sheet has been provided, and due diligence is underway. The company’s impressive growth has piqued investor interest.” Prosus is not the only contender; Ontario Teachers’ Pension Plan and Bain Capital are also eyeing a minority stake. The deal involves both primary and secondary share sales, with some early investors expected to sell part of their stakes.
Previous funding rounds
Mintifi secured $110 million last year in a round led by PremjiInvest, with Norwest Venture Partners, Elevation Capital, and IFC as major backers. To date, the company has raised approximately $175 million across four rounds. In 2022, it completed a $40 million Series C round led by Norwest Venture Partners and Elevation Capital, placing its valuation at $500-550 million.
Revenue and growth
Mintifi’s financials showcase rapid progress. Revenue for FY24 tripled to ₹319.1 crore from ₹150 crore in FY23. The company’s consolidated net profit, before employee stock option costs, surged to ₹97.8 crore from ₹24.8 crore in the previous year, according to VCCircle. Assets under management (AUM) also grew, reaching ₹2,008 crore in March 2024, up from ₹1,181 crore the year prior, and a significant leap from ₹410 crore in FY22.
“India’s financial services sector continues to draw significant investor interest. The sector not only ties into India’s growth story but also offers strong potential, particularly for digitally driven firms,” one source added.
About Mintifi
Established in 2017 by Anup Agarwal, Ankit Mehta, and Sonjoy Shome, Mintifi provides solutions in supply-chain payments, invoicing, and purchase financing for distributors and retailers. It collaborates with over 100 brands, including Tata Motors, Jockey, Finolex, Varun Beverages, Parle Agro, Bridgestone, TVS Motorcycles, and Berger Paints.
