Supply-chain financing platform Mintifi on Wednesday said it has raised $110 million (Rs 902.5 crore) in its Series D funding round led by PremjiInvest, the private investment vehicle of Wipro Ltd founder chairman Azim Premji.
Existing backers Norwest Venture Partners, Elevation Capital and International Finance Corporation (IFC) also participated in the round, which is largely a primary infusion of capital into the company.
“Some early backers and ESOP holders will cash out as part of the fundraise,” said Anup Agarwal, chief executive of Mintifi.
The startup did not disclose its valuation after the fundraise. In all, Mintifi has raised Rs 1,200 crore in equity financing till date.
The latest capital infusion comes about a year after the startup raised $40 million in a Series C round last year. It will help Mintifi to increase its presence across key sectors. The company also aims to add new offerings like business-to-business payments, dealer management system and bolster its tech infrastructure over the top of its financing offering.
“This round of funding will allow us to accelerate our growth, expand our team, and deliver even greater value to our customers,” Agarwal said. “We believe a software-as-a-services solution to build a one single stack for the corporate partners to manage the entire supply chain is a very attractive value proposition.”
