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Mintifi, the B2B BNPL (buy now, pay later) platform, on Tuesday said it has raised $40 million in Series C round led by Norwest Venture Partners and Elevation Capital. 

Anup Agarwal, Co-founder and CEO at mintifi  said, “The entire B2B ecosystem is at the cusp of a massive transformation across credit, payments and fulfilments and we are happy to play our bit in driving it.”

He added, “Today, across industries, brands are using our platform to drive higher efficiency and faster growth in their supply chain network and we will continue to help SMEs grow their businesses. More importantly, we are proud to drive these innovations, while still ensuring profitability. We are thrilled to welcome Norwest Venture Partners and Elevation Capital as we gear up for our next phase of growth.”

The company said it will use the fresh funds to continue to build on its tech infrastructure, expand its product offerings, including BNPL solutions for SMEs, scale the co-lending platform through its plug-and-play solution, and deepen its engagement across the supply chain network by building an end-to-end fulfilment platform across industries. 

Prior to this round, Mintifi had raised equity and debt of $60 million. This round will expand Mintifi’s capital base to over $500 million to accelerate its business with its brand partners. Apart from Norwest and Elevation, Mintifi has International Finance Corporation (IFC) (member of the World Bank) and Lok Capital as shareholders.

Founded in 2017 by Anup Agarwal, Ankit Mehta and Sanjoy Shome, Mintifi closely works with over 100 leading brands across India, including Tata Motors, Bridgestone Tyres, Berger Paints, Polycab, NIVEA, and Jockey. It digitises payments, invoicing and purchase financing solutions for their distributors and retailers. 

Mintifi recorded annualised purchases financed of $300 million, growing by four times year-on-year. It is expected to cross $1 billion by 2023.

Mintifi’s payment and financing stack improves the efficiency of brands, distributors and retailers through improved payment processing time, and increased inventory turns, thereby, fuelling revenue growth across the supply chain. Mintifi also partners with marquee banks and financial institutions on its co-lending platform.

Avendus Capital acted as the exclusive financial advisor to Mintifi on this transaction.

Niren Shah, Managing Director and Head at Norwest Venture Partners India said, “Norwest is delighted to lead a growth investment round in Mintifi. Mintifi adopts a full-stack approach to address the transaction, financing and payments needs of the B2B ecosystem through its unique B2B BNPL solution and technology platform. Mintifi’s offering has witnessed strong adoption from over 100 leading brands in India, while operating a profitable business model. We are excited to partner with Anup, Ankit and Sanjoy on this journey in creating one of India’s largest B2B BNPL platforms.”

Mridul Arora, Partner at Elevation Capital said, “At Elevation, we are big believers in the opportunity that contextual and corporate-led supply-chain credit can unlock for B2B commerce in India. Over the years, Mintifi has created a distinctive business model with a very strong product-market fit and customer delight and as a result, the business has demonstrated strong growth as well as unit economics. We are privileged to be partnering with the Mintifi team on their journey to scale their credit offerings and pursue fulfilment opportunities with the vision to become the best supply chain fintech platform.”