Indian supply-chain financing platform Mintifi has announced the raise of $110 million in its Series D funding round led by Premji Invest.

The latest capital infusion, which comes about a year after the startup raised $40 million in a Series C round in February 2022 and other previous rounds, brings its total raised to date to $170 million, according to Traxcn.

The Mumbai-headquartered startup said the round of funding "will allow it to accelerate its growth, expand its team, and deliver even greater value to its customers." It also aims to expand on its new offerings like business-to-business payments, and dealer management systems and bolster its tech infrastructure, it said in a statement.

Founded in 2017 by Agarwal, Ankit Mehta and Sanjoy Shome, Mintifi provides supply-chain payments, invoicing and purchase financing solutions to distributors and retailers in the supply-chain space. It claims it has grown over 4X year-on-year “with annualised purchases financed of over $1 billion”, which is expected to reach $3 billion by the end of the financial year 2023/24.

It works with over 100 leading brands in the country including Tata Motors, Jockey, Finolex, Varun Beverages, Parle Agro, TVS Motorcycles, Bridgestone, Prince Pipes and Berger Paints.

The round also witnessed participation from existing backers including Norwest Venture Partners, Elevation Capital and International Finance Corporation (IFC).