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Bottomline: PremjiInvest-backed Mintifi shines in FY24 as profit, AUM jump

VCCircle

VCCircle · 1y ago

Bottomline: PremjiInvest-backed Mintifi shines in FY24 as profit, AUM jump

Supply-chain financing startup Mintifi, backed by PremjiInvest, experienced significant growth in profit and assets under management (AUM) in the fiscal year ending in March 2024. The company expanded its loan book, improved its net interest margin, and maintained good asset quality. Mintifi consists of the group holding company Mintifi Pvt. Ltd and its non-banking finance division. The startup's success highlights its strong performance and investor confidence in the company.

Related News

Bottomline: PremjiInvest-backed TVS Credit sustains healthy AUM growth in FY24

VCCircle

VCCircle · 12m ago

Bottomline: PremjiInvest-backed TVS Credit sustains healthy AUM growth in FY24

TVS Credit Services, the non-banking finance subsidiary of TVS Motor Company, achieved a 24% increase in assets under management (AUM) for FY24. With support from PremjiInvest, the company's AUM reached Rs 25,900 crore as of March 31st, up from Rs 20,900 crore the previous year. This growth can be attributed to expansion across various product categories.

Prosus invests $80 mn in PremjiInvest-backed fintech firm

VCCircle

VCCircle · 8m ago

Prosus invests $80 mn in PremjiInvest-backed fintech firm

Global technology investor Prosus has invested $79.9 million in Mintifi Pvt. Ltd, a supply-chain financing company backed by PremjiInvest. This investment gives Prosus a 10.65% stake in the Mumbai-based fintech company and values Mintifi at around $750 million. Mintifi provides supply-chain payments, invoicing, and purchase financing solutions to distributors and retailers, and counts Norwest Venture Partners and Elevation Capital as its investors. Prosus' investment comes after Mintifi raised $110 million in a Series D funding round led by PremjiInvest in March 2023.

Bottomline: Warburg-owned Shriram Housing maintains profit, AUM growth trend in FY24

VCCircle

VCCircle · 10m ago

Bottomline: Warburg-owned Shriram Housing maintains profit, AUM growth trend in FY24

- Shriram Housing Finance reports a 58% increase in net profit for FY24 - Assets under management (AUM) continue to grow at a high double-digit rate - Private equity firm Warburg Pincus acquires Shriram Housing in May - Ravi Subramanian serves as the Managing Director and CEO of Shriram Housing - Net profit for the year ended March 2024 amounts to Rs 217.4 crore

Bottomline: Ambit Finvest AUM, net profit surge; asset quality slips

VCCircle

VCCircle · 8m ago

Bottomline: Ambit Finvest AUM, net profit surge; asset quality slips

Ambit Finvest, backed by Adar Poonawalla, saw an increase in both its asset under management (AUM) and net profit in the financial year ending March 2024. However, the company also experienced a decrease in the quality of its assets.

Bottomline: PE-backed lender Aviom aims to double AUM as profit, margin improve

VCCircle

VCCircle · 1y ago

Bottomline: PE-backed lender Aviom aims to double AUM as profit, margin improve

PE-backed lender Aviom India Housing Finance plans to double its assets under management (AUM) during the current fiscal year. The company recorded a 70% increase in AUM for the previous fiscal year and is also aiming to improve its profit and net interest margin. Aviom focuses on providing small-ticket home loans to individuals in rural and underserved areas.

Bottomline: TPG-backed Grihum Housing's AUM tops $1 bn, asset quality worsens

VCCircle

VCCircle · 7m ago

Bottomline: TPG-backed Grihum Housing's AUM tops $1 bn, asset quality worsens

Grihum Housing Finance, backed by TPG, has achieved an assets under management (AUM) milestone of over $1 billion in the first half of the financial year starting April 2024. This growth positively influenced net profits for FY24 and the first half of FY25. However, there are concerns over the company's deteriorating asset quality, despite its financial advancements. The management, led by MD & CEO Manish Jaiswal, navigates these dual fronts of growth and challenges.

Canadian fund Teachers’ Venture Growth bets on Mintifi as early backers exit

VCCircle

VCCircle · 8m ago

Canadian fund Teachers’ Venture Growth bets on Mintifi as early backers exit

Teachers’ Venture Growth, an investment arm of Ontario Teachers’ Pension Plan, co-led a $180 million Series E funding round in Indian supply-chain financing platform Mintifi. The round was also led by Prosus, with participation from existing investor PremjiInvest. Mintifi plans to use the funds to expand its offerings, including dealer management systems and loans against property. The funding round provided an exit for early backers and allowed employees to liquidate their stock options. Mintifi, founded in 2017, provides end-to-end supply chain solutions to brands in India, working with over 3,000 companies.

Bottomline: Gaja-backed Kinara Capital’s assets under management soar in FY24

VCCircle

VCCircle · 1y ago

Bottomline: Gaja-backed Kinara Capital’s assets under management soar in FY24

Small-business lender Kinara Capital, which is supported by investors such as Gaja Capital and the Michael and Susan Dell Foundation, has reported a 26% year-on-year growth in its assets under management (AUM) for nine months of FY24. The company's CEO, Hardika Shah, expressed confidence in Kinara Capital's growth trajectory and its ability to provide support for small businesses.

Bottomline: Lenskart reaps benefits of new stores, FY24 revenue up over 30%

VCCircle

VCCircle · 1y ago

Bottomline: Lenskart reaps benefits of new stores, FY24 revenue up over 30%

Eyewear retailer Lenskart Solutions Pvt. Ltd has reported a significant increase in revenue for fiscal year 2024. The company, backed by investors including PremjiInvest and KKR, saw a 34% rise in revenue due to the success of its new stores. Lenskart, an omnichannel retailer based in India, successfully turned around its operational business. The company is known for selling eyewear, including glasses and contact lenses.

Consumer-lending fintechs steal show with surging numbers

Economic Times

Economic Times · 10m ago

Consumer-lending fintechs steal show with surging numbers

- Fintech firms in the consumer lending sector reported strong profits and revenue growth in the last financial year. - Navi, Kreditbee, Moneyview, and Fibe all experienced significant growth in assets under management (AUM) and reported net profits. - Navi built AUM of Rs 10,190 crore in personal loans with a net profit of Rs 669 crore in FY24. - Fibe achieved AUM of Rs 4,064 crore and reported a net profit of Rs 105 crore in FY24 by focusing on larger loans with longer tenures. - Moneyview reported a flat net profit of Rs 171 crore in FY24 due to regulatory changes, while Kreditbee reported a net profit of Rs 285 crore. - The current fiscal year may show signs of slowdown due to increased regulatory scrutiny, but larger fintech startups are expected to remain in a better position. - Consolidation is expected in the digital lending sector as scaling fintech startups acquire market share and form partnerships.

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