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Mintifi secures $180 million from Prosus, others in a mix of primary, secondary capital
Economic Times
·
7m ago
Medial
Mumbai-based lending platform Mintifi has raised $180 million in a fresh equity funding round. PayU parent Prosus and Ontario Teachers' Pension Plan (OTPP) each invested $80 million, while Premji Invest invested $20 million. With this round, Mintifi will be valued at around $825 million. Mintifi provides invoice-backed credit to brands through its non-banking finance company (NBFC) model, serving over 300 brands and offering credit to around 40,000 small businesses. The company has been profitable for the last few years and aims to achieve a net profit of Rs 160 crore in the current fiscal year.
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Mintifi raises $180 million in funding, valuation soars to $850 million
Livemint
·
7m ago
Medial
Supply-chain financing startup Mintifi Finserve has raised $180m in a Series E funding round led by Teachers’ Venture Growth and Prosus. Existing backer Premji Invest also participated in the round. The funding comprises both primary and secondary transactions, with $100m representing a primary capital infusion and the remainder facilitating liquidity for early investors. Mintifi plans to use the funding to expand its offerings, including dealer management systems, loans against property, domestic and overseas factoring, and AI-driven solutions.
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Prosus invests $80 mn in PremjiInvest-backed fintech firm
VCCircle
·
8m ago
Medial
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.
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Canadian fund Teachers’ Venture Growth bets on Mintifi as early backers exit
VCCircle
·
7m ago
Medial
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.
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Mintifi reports Rs 92 Cr PAT on Rs 384 Cr revenue in FY24
Entrackr
·
7m ago
Medial
Supply-chain financing startup Mintifi has secured $180 million in a Series E funding round co-led by GTV and Prosus this month. The funding comes after Mintifi recorded a 4X growth in profit after tax (PAT) and a 72% year-on-year increase in operating scale in FY24. While we will delve into its expense pattern later in the story, let’s first explore Mintifi's revenue streams and their growth in the last fiscal year. Mintifi’s revenue from operations rose to Rs 384 crore in FY24 from Rs 223 crore in FY23, according to its consolidated annual financial statements filed with the Registrar of Companies (RoC). Founded in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, Mintifi caters to the last-mile distribution network and offers payment, invoicing, and financing solutions to small and medium enterprises (SMEs) across industries. Interest income from the disbursement of loans accounted for 80% of the revenue which increased 2X to Rs 308 crore in the last fiscal year. The rest of the income came from the sale of goods (textiles) recorded as inventory which was procured by distributors/retailers on a deferred payment basis. Mintifi also earned Rs 17 crore from interest on current investments, bringing its overall revenue to Rs 401 crore, a 76.6% year-on-year increase from Rs 227 crore in FY23. The Mumbai-based firm's employee benefits cost grew 65% to Rs 66 crore in FY24, while the inventory procurement cost stood at Rs 70 crore in the same period. To the tune of scale, its finance cost increased by 54% to Rs 54 crore during the last fiscal year. Its legal, training, recruitment, impairment losses, and other overheads drove the Premji Invest-backed firm’s overall expenditure up by 44.3% to Rs 277 crore in FY24, compared to Rs 192 crore in FY23. The significant surge in scale and controlled expenditure helped Mintifi post a 3.7X spike in its profits to Rs 92.5 crore in FY24 from Rs 24.8 crore in FY23. Its ROCE and EBITDA margins improved to 12.2% and 46.7%, respectively. Mintifi’s expense-to-earning ratio stood at Rs 0.72. According to the annual report, its current assets were recorded at 2,343 crore with Rs 200 crore of cash and bank balances as of March 2024. Mintifi has raised approximately $340 million to date, including its recent $180 million round, a mix of primary and secondary funding, which valued the company at $850 million. Notable investors in the seven-year-old firm include Prosus, Elevation Capital, Premji Invest, and Lok Capital, among others. A bunch of startups in supply chain financing have raised funding in the past couple of years. Vayana Network, 3SC, Wiz Freight, Cashinvoice, M1xchange, Progcap, FinAGG Technologies, CredAble, and Veefin. Check TheKredible for their funding and latest financials. While Mintifi has built a business around financing thanks to the inefficiencies in public sector bank lending and the banking sector more broadly, it faces an increasing challenge from other startups. The other startups started off offering a broader set of solutions before realising that financing was the one need that could be filled profitably and at some scale. Minitifi has clearly demonstrated enough savvy to earn the confidence of investors to scale up massively, and at this rate, could be in line for yet another IPO in 2025 perhaps at unicorn plus valuations.
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Pilgrim secures ₹200 crore to expand offline presence
Inshorts
·
4m ago
Medial
D2C beauty and personal care brand Pilgrim has raised ₹200 crore via a mix of primary and secondary transactions at a pre-money valuation of ₹3,000 crore. The round saw participation from existing investors Narotam Sekhsaria Family Office, Vertex Ventures SEAI, and Mirabilis Investment Trust.
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Prosus expects 5 IPOs from its India portfolio in next 18 months
TechCrunch
·
8m ago
Medial
Dutch investment group Prosus is preparing for potential IPOs of its Indian portfolio companies, including PayU, Meesho, and Bluestone, within the next 18 months. This move reflects the growing momentum in India's internet market, which is the second-largest in the world. Prosus-backed startups like Urban Company, Pharmeasy, and Captain Fresh are also among the more than 20 Indian startups expected to go public in 2025. Prosus recently earned $2 billion from food delivery firm Swiggy's IPO, and has made new investments totaling approximately $180 million in mintifi and Vastu.
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Bluestone snags ₹900 crore from Peak XV, Prosus, others
Inshorts
·
11m ago
Medial
Omnichannel jewellery brand Bluestone has reportedly completed an ₹900 crore funding round that catapulted its valuation to $970 million. The pre-IPO round saw participation from Peak XV Partners, Prosus, Steadview Capital, Think Investments and Pratithi Investments through a primary and secondary share sale, ET reported.
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Prosus close to leading BlueStone’s $100-mn round
The Arc Web
·
1y ago
Medial
Dutch investment group Prosus is considering leading a $100 million round for BlueStone, an omnichannel jewelry company, with participation from Peak XV Partners, Steadview Capital, and Think Investments. The funding includes $60 million as primary capital for BlueStone's business expansion and the rest for secondary share sales by early backers. BlueStone, valued at $440 million in September 2023, expects to double its valuation to nearly $960 million. This marks Prosus' first late-stage investment since mid-2022, highlighting its significant return to the Indian startup ecosystem.
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Bluestone Snags INR 900 Cr From Peak XV, Prosus, Others In Pre-IPO Funding
Inc42
·
11m ago
Medial
Indian online jewellery retailer, Bluestone, has raised INR 812 crore ($112 million) in a pre-IPO funding round. The round saw participation from several investors including Peak XV Partners, Prosus, Steadview Capital, Think Investments, and Pratithi Investments. Of the total funding, INR 600 crore ($82.6 million) is in primary capital infusion, while the remaining amount is from a secondary share sale. Bluestone is expected to file the draft red herring prospectus for its IPO later this year.
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Exclusive: Mobility unicorn Rapido set to raise $60 Mn from Prosus
Entrackr
·
10m ago
Medial
Mobility firm Rapido is set to raise $50-60 million in a mix of primary and secondary capital from Prosus, according to three sources familiar with the deal. This tranche is part of its ongoing $200 million round. “Prosus will acquire a $60 million stake in Rapido. The terms of the deal have been finalized, and it will also enable partial exits for early backers,” said one of the sources, requesting anonymity. Rapido has already secured $120 million in its Series E funding round from WestBridge Capital, through investment vehicles including SETU AIF and Konark. Entrackr had exclusively decoded this tranche in August. “With Prosus’s $60 million, Rapido will conclude its Series E round,” said another source, who also wished to remain anonymous. Sources indicate that the company’s valuation will remain unchanged. According to estimates from startup data intelligence platform TheKredible, Rapido was valued at around $1.02 billion in the initial tranche of the Series E round, funded entirely by WestBridge. Queries sent to Rapido and Prosus didn’t elicit any immediate response. We will update the story in case they do. It’s worth noting that Prosus is the largest stakeholder in food delivery and quick commerce major Swiggy. Swiggy acquired over a 12% stake in Rapido after leading its $180 million funding round in November 2022. Prosus’s interest in Rapido comes at a time when Rapido has surpassed Ola and Uber to become the largest player in the overall ride-hailing space (covering bikes, autos, and cabs), according to Rapido’s internal documents reviewed by Entrackr. Rapido has yet to disclose its FY24 numbers, but the firm’s operating revenue tripled to Rs 443 crore in FY23. This steep growth in scale also led to a 54% increase in losses, reaching Rs 675 crore in FY23.
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