Mintifi saw 3X surge in revenue in FY23 reaching Rs 232.49 crore from Rs 59.30 crore in FY22.
Founded in 2017, Mintifi is a B2B supply chain financing platform catering to the last-mile distribution network. It provides payment solutions, invoicing, and customized financing options to small and medium enterprises across various industries.
The Mumbai-based fintech has raised Rs 1,340.57 crore over five funding rounds. Its most recent round was Series D in March 2023, led by Premji Invest, pushing Mintifi’s valuation beyond Rs 3,000 crore.
Competing with KredX and Artfine, the majority shares of Mintifi are held by co-founder Anup Vijaykumar Agarwal, who owns over 20% of the company. Other significant shareholders include Norwest Venture Partners, International Finance Corporation, and Lok Capital, each holding over 10% of the company’s shares, alongside other key stakeholders.
In line with its revenue growth, Mintifi’s expenses also hiked by 3X in FY23 reaching Rs 192.35 crore from over Rs 60 crore in FY22. Employee benefits account for over 20% of these costs, with finance costs, depreciation, travel expenses, and advertising also contributing significantly.
Talking about profits, The company’s profit soared by 24X in FY23, reaching Rs 24 crore from Rs 1 crore in FY22.
With such impressive improvements in financial matrices, Mintifi’s current EBITDA margin and ROCE also climbed to 33.19% and 5.51% respectively.