Mintifi is an online fintech platform offering financing solutions for business loans that reported a 72.2 percent increase in its operating revenue to Rs 384 crore in FY24. The firm saw a huge increase in its profit by 273 percent to Rs 92.5 crore in the same period. The company provides users with invoice discounting, term loans, working capital loans, and more. The interest income from the disbursement of these loans is the company’s primary source of revenue.
The startup also earns its income from sales of goods, interest, and other services. Interest on current investment stood at Rs 17 crore. This income increased the total revenue by 76.6 percent to Rs 401 crore in this financial year. The online app-based platform allows small and medium businesses to manage funds effectively. The company also charges interest on the funds utilized. The payment from interest on loans accounted for 80 percent of the total revenue and increased by 2 times to Rs 308 crore in this financial year.
Mintifi has raised around $340 million across multiple funding rounds since its inception, including $180 million secured during its series E funding round from Prosus and GTV. This mix of primary and secondary funding rounds brought the company’s post-money valuation to $840 million. The company’s investors include Elevation Capital, Lok Capital, Premji Invest, and Prosus. The firm’s existing investor, Norwest Venture Partners is the company’s largest institutional investor. The online platform uses advanced technologies to provide the best customer experience.
The company claims to offer its services to last-mile distribution networks with invoicing, payments, and financial solutions for SMEs across multiple industries. This fintech platform enables companies to manage and record their investment record efficiently. The financial expenses were increased by 54 percent to Rs 54 crore in FY24. The legal, recruitment, training, and other expenses increased the total cost by 44.3 to Rs 277 crore in the same duration. However, the inventory procurement cost stood at Rs 70 crore.
The Mumbai-based startup is focused on improving its platform while offering innovative fintech solutions, positioning it well in the global fintech market. The employee benefit increased by 65 percent to Rs 66 crore in FY24. The EBITDA margin also improved and stood at 46.71 percent while the ROCE was reported to be around 12.2 percent in the same period. The company faces competition with other supply chain financing companies such as Wiz Freight, Veefin, and LendingKart.
Conclusion :
Mintifi announced a 72.2 percent increase in its revenue from operations to Rs 384 crore in FY24. This fintech startup offers an online platform for business loans. The money earned through interest income from the disbursement of loans is the company’s major source of revenue.
The startup reported around a 273 percent increase in its profit to Rs 92.5 crore in FY24. The total expenditure of the firm increased by 44.3 percent and crossed Rs 277 crore in the same duration. Mintifi competes with other online lending platforms like LendingKart and Flexiloans.
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