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Friday, April 19, 2024

Premji Invest leads$ 110M funding round in fintech startup Mintifi

Norwest Venture Partners, Elevation Capital, and International Finance Corporation were among the other investors in the round (IFC). They are also current shareholders in the firm, which has raised Rs 1,200 crore in equity funding to date.

Mintifi, a Mumbai-based fintech firm, has raised $110 million in a Series D round headed by Premji Invest.

Premji Invest is a private investment entity founded by Azim Premji, the founder and chairman of Wipro Ltd. It makes investments in both public and private markets in the technology, consumer, financial, and healthcare sectors. Other firms in which it has invested include SBI General Insurance, Aditya Birla Capital, Shubham Housing Finance, Kreditbee, PolicyBazaar, FabIndia, and others.

Mintifi, founded in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, provides supply-chain payments, invoicing, and purchase finance solutions to distributors and retailers.

Norwest Venture Partners, Elevation Capital, and International Finance Corporation were among the other investors in the round (IFC). According to a press release, they are also current investors in the firm, which has received Rs 1,200 crore in equity funding to date.

Mintifi’s only financial advisor on this transaction was Avendus Capital.Last year, Mintifi raised $40 million in Series C funding. Mintifi works with over 100 brands, including TVS Bikes, Berger Paints, Jockey, and Varun Beverages.

The digital lending platform reported a 4X year-on-year rise in yearly purchases funded of more than $1 billion (YoY). The corporation anticipates reaching $3 billion by the end of fiscal year 2023-24.

Growfin, a Chennai and San Francisco-based accounts receivable (AR) automation business, is another fintech company that has raised funds. In a Series A fundraising round sponsored by SWC Global, the firm got $7.5 million. The round was also attended by 3one4 Capital and angel investors.

Norwest Venture Partners, Elevation Capital, and International Finance Corporation were among the other investors in the round (IFC). They are also current shareholders in the firm, which has raised Rs 1,200 crore in equity funding to date.

Mintifi, a Mumbai-based fintech firm, has raised $110 million in a Series D round headed by PremjiInvest.

Premji Invest is a private investment entity founded by Azim Premji, the founder and chairman of Wipro Ltd. It makes investments in both public and private markets in the technology, consumer, financial, and healthcare sectors. Other firms in which it has invested include SBI General Insurance, Aditya Birla Capital, Shubham Housing Finance, Kreditbee, PolicyBazaar, FabIndia, and others.

Mintifi, founded in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, provides supply-chain payments, invoicing, and purchase finance solutions to distributors and retailers.

Norwest Venture Partners, Elevation Capital, and International Finance Corporation were among the other investors in the round (IFC). According to a press release, they are also current investors in the firm, which has received Rs 1,200 crore in equity funding to date.

Mintifi’s only financial advisor on this transaction was Avendus Capital.

Last year, Mintifi raised $40 million in Series C funding. Mintifi works with over 100 brands, including TVS Bikes, Berger Paints, Jockey, and Varun Beverages.

The digital lending platform reported a 4X year-on-year rise in yearly purchases funded of more than $1 billion (YoY). The corporation anticipates reaching $3 billion by the end of fiscal year 2023-24.

Growfin, a Chennai and San Francisco-based accounts receivable (AR) automation business, is another fintech company that has raised funds. In a Series A fundraising round sponsored by SWC Global, the firm got $7.5 million. The round was also attended by 3one4 Capital and angel investors.

Newsdesk

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