The archive · Money & Fintech · Strategic decision · 2017-2025
Mintifi's anchor-led SME lending bet: $850M valuation, ₹145 Cr FY25 profit
Mintifi embeds working-capital credit in big brands' distribution networks; FY25 profit ₹145 Cr, $180M Series E at $850M.
Mintifi
What the business is
Mintifi is an Indian supply-chain financing platform that digitises B2B payments and credit for large brands and lends working capital to the distributors and retailers inside their networks.
Starting capital：A $180M Series E in December 2024 co-led by Teachers' Venture Growth (Ontario Teachers' Pension Plan) and Prosus, with Premji Invest participating - $100M primary and $80M secondary, with Prosus paying $80M for a 10.65% stake at an $850M valuation; earlier rounds included a $110M Series D led by Premji Invest in 2023.
How it started
Founded in 2017 in Mumbai by Anup Agarwal, Ankit Mehta and Sanjoy Shome, Mintifi began by financing invoices and inventory for small businesses, betting that the missing layer in Indian B2B was credit embedded in the supply chain rather than another unsecured consumer lender.
What happened
Mintifi turned profitable in FY23. By December 2024 it processed over $3 billion in invoices annually across 300+ brand relationships and disbursed roughly $100 million of credit a month, with its loan book growing from ₹1,100 crore in March 2023 to ₹2,600 crore. In FY24, revenue from operations rose 72% to ₹384 crore with a profit after tax of ₹92.5 crore, and the December 2024 Series E valued the company at $850 million. For FY25, Inc42 reported (via a CareEdge rating) a 56% jump in consolidated profit after tax to ₹145 crore on total revenue of ₹494 crore - provisional numbers - and CARE reaffirmed Mintifi's NBFC arm at 'CARE A' while revising its outlook from stable to positive.
How it ended up
Mintifi says it is targeting an annualised revenue run rate of about ₹600 crore at a 20-25% net margin and an IPO within three years, while channelling its capital into the lending business of its NBFC, Mintifi Finserve, which accounts for about 98% of group income.
Background
Mintifi, founded in 2017 in Mumbai by Anup Agarwal, Ankit Mehta and Sanjoy Shome, is an Indian supply-chain financing platform built on one bet: SME lending becomes safe and scalable when it is embedded in the purchase flows of large brands. Instead of lending against collateral, Mintifi finances distributors and retailers at the point where they buy inventory from anchors such as Tata Motors, Asian Paints, Honda, Nivea and Parle Products, using the anchor's data and the purchase order to underwrite credit.
The platform digitises B2B payments and credit for more than 300 brands, adding invoice discounting, dealer management systems and working-capital lines of up to ₹2 crore, plus collateral-free business loans of up to ₹50 lakh through its NBFC, Mintifi Finserve. By December 2024 it processed over $3 billion in invoices annually and disbursed roughly $100 million of credit a month, with a loan book that grew from ₹1,100 crore in March 2023 to ₹2,600 crore.
The model turned profitable in FY23: FY24 revenue from operations rose 72% to ₹384 crore, profit after tax reached ₹92.5 crore, and loan interest made up about 80% of revenue. In December 2024 Mintifi closed a $180 million Series E co-led by Teachers' Venture Growth and Prosus, with Premji Invest participating; Prosus paid $80 million for a 10.65% stake at an $850 million valuation and secondary sellers exited with an 11x return. Provisional FY25 figures (Inc42 via CareEdge) showed profit after tax up 56% to ₹145 crore on total revenue of ₹494 crore.
Mintifi holds an RBI factoring licence and is diversifying into loans against property and AI-powered underwriting, while CARE reaffirmed its NBFC rating with a positive outlook. The company says it expects an annualised revenue run rate of about ₹600 crore at a 20-25% net margin and is targeting an IPO within three years; the open question is whether underwriting quality holds as its loan book pushes toward $1 billion.
What has to be true
- The wedge is structural: India's SME credit gap persists because small borrowers lack collateral and records, but the anchor brand's network provides both.
- Anchor-led lending keeps the loan tied to a real inventory purchase, so money is harder to divert than in generic unsecured SME credit.
- The numbers support the thesis: profitable since FY23, FY24 profit after tax of ₹92.5 crore, then a provisional FY25 profit of ₹145 crore, up 56%.
- The December 2024 round priced Mintifi at $850 million with Ontario Teachers' and Prosus - institutions that rarely back unproven SME lenders.
What can be applied
When SME credit feels unbankable, anchor it to a creditworthy buyer's chain: brand data and purchase orders substitute for collateral, letting underwriting scale past the borrower's balance sheet.
Aftermath
As of September 2025 Mintifi is profitable and valued at $850 million after a December 2024 Series E, processing over $3 billion in invoices a year across 300+ Indian brands. Provisional FY25 results show profit after tax of ₹145 crore, up 56%, on total revenue of ₹494 crore, with NBFC arm Mintifi Finserve carrying a CARE A rating and a positive outlook. The group raised ₹797 crore in FY25 to channel into the lending book, plans to double annual invoice volume to $6 billion by FY26, and targets an IPO within three years.
Sources
- Supply chain fintech Mintifi profit up 3.7 times as revenue from operations rises to Rs 384 cr
- Supply-Chain Financing Platform Mintifi Raises USD 180 Mn in Series E, Valuation Soars to USD 850 Mn
- Mintifi's FY25 Profit Surges 56% To INR 145 Cr
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