Canadian Pension Fund Co-Leads USD 180 Million Investment in India's Mintifi Supply Chain Finance Platform

A Canadian pension fund's venture arm has revealed its participation in a USD 180 million funding round for Mintifi, an Indian supply chain finance platform. This Series E investment was co-led by Ontario Teachers' Pension Plan's Teachers Venture Growth and South Africa's Prosus. Premji Invest also took part in the funding, which included both primary and secondary transactions.

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Canadian pension funds have long been active in India, investing in various projects for substantial returns. The new funding aims to enhance Mintifi's presence in key sectors and strengthen its leadership in downstream supply chain financing. The company collaborates with brands like Asian Paints, Varun Beverages, and Honda, among others.

Mintifi's Expansion Plans

Mintifi plans to use the funds to develop new offerings such as dealer management systems and loans against property. It also intends to explore domestic and overseas factoring while leveraging AI technology. Currently processing over USD 3 billion in invoices annually, Mintifi aims to double this figure by the fiscal year 2026.

Early investors have seen significant returns, with approximately 11 times their investment gained from the secondary part of this transaction, according to Anup Agrawal, Mintifi's co-founder and CEO. The company's unique model provides invoice-backed credit directly to brands, supported by strong risk management and proprietary technology.

Strategic Board Additions

Deepak Dara, head of India for Ontario Teachers', expressed interest in identifying high-growth tech companies with strong leadership. He noted that Mintifi's approach positions it as a leader in India's supply chain finance sector. With this funding round, Mintifi's total capital base, including equity and debt, surpasses USD 1 billion.

The transaction will see TVG India's director Darius Vakil and Prosus India's managing director Apoorve Goyal joining Mintifi's board. Other investors include Elevation Capital, Norwest Venture Partners, IFC, and Lok Capital. These strategic additions aim to bolster Mintifi's growth trajectory and market influence.

Mintifi is poised for significant growth with this fresh capital injection. By expanding its offerings and enhancing its technological capabilities, the company seeks to solidify its position in the competitive supply chain finance market.