Mintifi

Mintifi is a Mumbai-based supply chain financing company serving small and medium enterprises in India. It partners with large corporates to fund the working capital needs of their distributor and retailer networks, offering check-out/purchase financing for inventory bought directly from brands or distributors, end-use specific "smart term loans" covering Tier 1 and Tier 2 distribution networks, short-term working capital business loans, term loans, overdraft facilities and bill discounting. Credit lines of up to Rs 2 crore are offered for inventory purchases and business loans of up to Rs 50 lakh, repayable over 6 or 24 months with daily or monthly repayment options. Short-term loans of up to 90 days at zero interest are offered to distributors of partner corporates.

Beyond lending, the company operates an electronic invoice presentment and payment (EIPP) product aimed at reducing invoice reconciliation inefficiencies and shortening order-to-cash cycles, a collections product that connects with Tally to send automated reminders on outstanding invoices, and APIs for ERP integration to support invoice settlement and reconciliation. It also runs a WhatsApp-based interface through which borrowers can view invoices and loan details and repay dues. A separate field-sales application, MintForce, published by Mintifi Finserve Private Limited, is used by NBFC field teams for lead creation, customer visit check-in/check-out and conversion of leads into loan applications.

The company works with more than 300 brands across industries including automotive, tyres, paints and consumer goods, among them Tata Motors, Honda, Asian Paints, Parle Products, Parle Agro, TVS, Shree Cement, Castrol, Jockey, Bridgestone, Berger Paints and Nippon Paints. In November 2024 it obtained a factoring licence from the Reserve Bank of India and has been building out adjacent lines including dealer management systems, loans against property and domestic and overseas factoring.

Founding story

Mintifi was founded in 2017 by Anup Agarwal, Ankit Mehta and Sanjoy Shome (also reported as Sonjoy Shome) to address the lack of collateral-free financing available to SMEs in India's supply chains, with the aim of enabling corporates, distributors and retailers to transact and access credit digitally.

Business model

Mintifi originates and underwrites credit for distributors and retailers within the supply chains of corporate anchor partners, funding inventory purchases and short-term working capital, and layers software (EIPP, collections, ERP APIs, dealer management) on top of these financing relationships. Its model centres on lending into the distribution networks of large corporates with established track records, which provides control over the end use of funds and visibility on cash flows.

Revenue is generated primarily from interest and fees on financing products — purchase/inventory credit lines, term loans, working capital loans, overdrafts and bill discounting — with interest charged only on the utilised portion of a limit. Newer lines include factoring and secured lending against property.

Traction

The loan book grew to about $306.38 million (Rs 2,600 crore) as of December 2024 from roughly $129.62 million (Rs 1,100 crore) in March 2023. Revenue tripled in FY24 to Rs 319.1 crore from Rs 150 crore in FY23, with consolidated net profit before ESOP costs of Rs 97.8 crore in FY24 against Rs 24.8 crore the prior year. Management guided to a monthly revenue run rate of about $5.3 million (Rs 45 crore) and annualised revenue near $70.7 million (Rs 600 crore), targeting 40-50% growth over the following two years. The company works with over 300 brands, and its MintForce field app has more than 5,000 downloads.

Latest developments

In December 2024 Mintifi announced a $180 million Series E led by Teachers' Venture Growth (Ontario Teachers' Pension Plan) and Prosus, with participation from Premji Invest, valuing the company at $850 million; $100 million was primary capital and the balance secondary, with Lok Capital exiting fully and IFC partially selling down. Proceeds are earmarked for dealer management systems, loans against property, domestic and overseas factoring, AI-driven products and a cross-sell path from unsecured to secured financing for existing customers. Management indicated it may pursue an IPO within three years subject to market conditions. The company obtained an RBI factoring licence in November 2024.