Mintifi
“Can a vertically integrated NBFC own the financing rails of India's entire corporate-to-retailer distribution supply chain?”
Founded2017
HQMumbai, India
Total raisedOver $1B (equity + debt combined)
Latest roundSeries E, 2024
IndustryFintech / Lending
The story
Founded 2017 to solve collateral-free inventory financing for SMEs in India's ~$450B Corporate-Distributor-Retailer supply chain. Operates its own RBI-registered NBFC (Mintifi Finserve Pvt Ltd) — lending is in-house, not orchestrated. Expanded from short-term purchase credit lines into electronic invoicing & payments (EIPP), and recently into dealer management, loans against property, and cross-border factoring following its $180M Series E.
Last 12 months
Product timeline
2017
Founded in Mumbai as a digital supply chain financing platform for SME distributors and retailers.· pivot
2022
Raised $40M Series D led by Norwest and Elevation Capital to scale inventory financing.· lending
2024
Raised $180M Series E co-led by Teachers' Venture Growth and Prosus; total capital base crosses $1B.· lending
2024
Expanding into dealer management systems, loans against property, and domestic/overseas factoring.· lending
Regulated entities
1
regulatory licence held by Mintifi
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
2 layers disclosed in Mintifi’s embedded-finance stack
Payments / PSP
Mintifi EIPP (self-operated)
Lending
in the full report
Accounting gap: minor
8 more providers across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.