Mintifi, a B2B BNPL (buy now, pay later) platform, announced a $40 million Series C investment headed by Norwest Venture Partners and Elevation Capital.
Mintifi, which was founded in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, works with over 100 prominent companies in India, including Tata Motors, Bridgestone Tyres, Berger Paints, Polycab, NIVEA, and Jockey. For their distributors and retailers, it digitises payments, invoicing, and buy finance options.
Mintifi reported $300 million in annualised purchases financed, up fourfold year on year. By 2023, it is predicted to reach $1 billion.
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.”