Mintifi, an India-based supply chain financing platform, has reportedly received $110m in a Series D round.
The investment was led by the family office Premji Invest. Mintifi existing backers Norwest Venture Partners, Elevation Capital and International Finance Corporation, also participated in the Series D.
The FinTech company hopes to bolster its position in key sectors and release new services, including B2B payments and dealer management tools. Funds have also been earmarked to help Mintifi expand its loan book.
Mintifi claims to be revolutionizing inventory financing for SMEs. It offers on-demand credit lines, which can be used to buy inventory. Its other offerings are business loans, which can be repaid over 6 to 24 months.
Mintifi has raised a total of $175m in debt and equity.
Another SME lending platform to recently raise capital is France-based Aria. The company, which offers embedded invoicing finance, raised €50m in debt fundraising.
Premji Invest is no stranger to FinTech. It recently joined the $300m Series D funding round of lending app KreditBee.