Canadian pension fund arm co-leads USD 180 mn investment in India's Mintifi

Mumbai, Dec 10 (PTI) A Canadian pension fund arm on Tuesday announced that it has co-led in a USD 180 million funding round in Indian supply chain finance platform Mintifi.
    Ontario Teachers' Pension Plan's arm Teachers' Venture Growth and South Africa's Prosus have co-led the Series E investment into the city-based Mintifi, as per a statement.
    Premji Invest also participated in the funding round, which includes both primary and secondary transactions, the statement said.
     Canadian investors, especially pension funds, have been present in India for many years and have backed a slew of entities and projects for handsome returns.
    The fresh funding will deepen the company's presence across key sectors and consolidate its market leadership in the downstream supply chain financing space, it said.
    The company, which works with entities such as Asian Paints, Varun Beverages, Parle Products, Honda, Shree Cement, TVS and Castrol, will use the funds to expand on its new offerings, including dealer management systems, loans against property, domestic/ overseas factoring and leveraging AI.
    It processes over USD 3 billion invoices annually and expects to double the same by FY26.
    The early backers have made approximately 11x return in the secondary part of the latest transaction, the company's co-founder and chief executive Anup Agrawal said.
     Deepak Dara, the head of India for Ontario Teachers', said TVG wants to identify high-growth, tech-first companies led by strong management teams.
    "Mintifi's distinctive model of providing invoice-backed credit directly to brands, reinforced by robust risk guardrails and a proprietary tech stack, positions it as a leader in India's supply chain finance landscape," he added.
    With this round, Mintifi's overall capital base including both equity and debt crosses over USD 1 billion, the statement said, adding Elevation Capital, Norwest Venture Partners, IFC and Lok Capital have invested in it.
    TVG India's director Darius Vakil, and Prosus India's managing director Apoorve Goyal will join the board of Mintifi with this transaction.

(This story has not been edited by THE WEEK and is auto-generated from PTI)