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Supply chain financing platform Mintifi has raised $110 million in Series D funding round led by Premji Invest and participation from current investors including Norwest Venture Partners, Elevation Capital, and International Finance Corporation (IFC).

Mintifi said this new fund infusion will help it to expand its capital base to over $600 million.

The Mumbai-headquartered company will utilise the funds to expand its presence in some of the key sectors in addition to improving its new offerings such as business-to-business (B2B) payments and dealer management system, it said in a statement.  

It is looking to strengthen its tech infrastructure and plans to build “an ecosystem of end-to-end fulfilment products” to “enhance engagement across the supply chain network”.

“Our unique plug-and-play approach allows us to scale rapidly by tapping into huge outstanding receivable pool of blue-chip corporates while maintaining profitability. This round of funding will allow us to accelerate our growth, expand our team, and deliver even greater value to our customers,” said Anup Agarwal, Co-founder and CEO at Mintifi, in a press note.

The company, which was set up in 2017, offers financing options to distributors and retailers in addition to providing offerings including payments digitisation and electronic invoicing and payment solutions. 

The digital lending platform said it has grown over 4X year-on-year “with annualised purchases financed of over $1 billion”, which is expected to reach $3 billion by the end of financial year 2023-24.

Mintifi works with over 100 Indian companies such as Tata Motors, Finolex, TVS Motorcycles, Bridgestone, Berger Paints, Parle Agro, Varun Beverages, Jockey, and Prince Pipes.

The B2B company raised $40 million in Series C led by Norwest Venture Partners and Elevation Capital in February 2022. Its post-money valuation stood at $123 million as on February 17, 2022, according to private market data platform Tracxn.

In all, it has raised a total of $175 million in both equity and debt before this round, said the company.