Mintifi Records 2X Growth In Scale In FY22, Turns Profitable


Mintifi, a B2B supply chain financing firm, reported revenue from operations of Rs 56.8 crore during FY22, a growth of 168.4% YoY. Its revenue drivers included interest on loans and advances (75%), sale of products (13%), and processing fees (9%). Commission and other operations contributed to the rest of its revenue. Mintifi also earned Rs 2.51 crore from non-operating income, taking its overall topline to Rs 59.3 crore. The firm spent Rs 63.2 crore during FY22, up 71.3% YoY, with employee benefits forming the largest cost at 34% of the total. Mintifi turned profitable in FY22 with a net profit of Rs 1.03 crore, against a loss of Rs 13.26 crore in FY21.

The company raised $110 million in a Series D round in March 2023 and has raised $170 million to date. According to Mintifi’s annual financial statements, the company took loans from banks and other financial institutions to meet the demand for credit. As a result, its finance expenses increased over 2X to Rs 14.77 crore during FY22. Additionally, the company also wrote off advances worth Rs 5.6 crore during the same fiscal year. This suggests that Mintifi had to manage its credit risk and non-performing assets to ensure sustainable growth.  Mintifi has raised a total of around $170 million to date, and their latest funding round was a Series D round of $110 million in March 2022. They compete with other B2B supply chain financing platforms like KredX and Oxyzo (which is a subsidiary of the B2B building materials marketplace OfBusiness) as well as other players in the market.