Mintifi, the supply-chain financing startup, has reported a profit after tax (PAT) of Rs 92 crore for FY24, reflecting a remarkable 4X growth compared to the previous year. This performance comes on the back of a strong revenue surge, touching Rs 384 crore, as per its financial filings.
Revenue Sources: The Backbone of Mintifi’s Growth
Mintifi’s primary revenue stream is interest income from loan disbursements, which accounted for a whopping 80% of its operational revenue. This segment saw a 2X jump, contributing Rs 308 crore to the overall figures.
The remainder of Mintifi’s operational revenue came from the sale of goods, specifically textiles. These were recorded as inventory purchased by distributors and retailers on a deferred payment basis. This innovative financing model has played a critical role in driving revenue growth.
In addition, the company earned Rs 17 crore from interest on current investments, bringing its total income for FY24 to Rs 401 crore, marking a 76.6% increase from Rs 227 crore in FY23.
Expense Breakdown: Scaling Operations with Rising Costs
Mintifi’s rapid growth has been accompanied by a proportional rise in expenses:
- Employee costs surged 65% to Rs 66 crore, highlighting the firm’s focus on scaling its workforce to match operational demands.
- Inventory procurement costs stood at Rs 70 crore, aligning with the company’s expansion in goods financing.
- Finance costs rose by 54% to Rs 54 crore, reflecting the increased scale of loan disbursements.
The company’s overall expenditure grew by 44.3%, reaching Rs 277 crore in FY24 compared to Rs 192 crore in FY23. Expenses included legal fees, training, recruitment, and impairment losses.
The Role of Supply-Chain Financing in SME Growth
Founded in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, Mintifi focuses on solving last-mile distribution challenges. It offers payment, invoicing, and financing solutions tailored for small and medium enterprises (SMEs). By bridging the credit gap in supply chains, Mintifi empowers SMEs across industries to optimize cash flow and drive growth.
Series E Funding: Accelerating Expansion
Mintifi’s stellar performance in FY24 caught the attention of global investors. The company recently raised $180 million in a Series E funding round co-led by GTV and Prosus. These fresh funds are expected to fuel Mintifi’s expansion efforts, including deeper penetration into existing markets and the development of new solutions for SMEs.
Financial Snapshot
Here’s a quick overview of Mintifi’s financial performance in FY24:
Metric | FY24 (in Rs Cr) | FY23 (in Rs Cr) | Growth (%) |
---|---|---|---|
Revenue from Operations | 384 | 223 | 72% |
Total Income | 401 | 227 | 76.6% |
Employee Benefits Cost | 66 | 40 | 65% |
Finance Cost | 54 | 35 | 54% |
Total Expenditure | 277 | 192 | 44.3% |
Profit After Tax (PAT) | 92 | 23 | 300% |
Outlook: Poised for Growth
Mintifi’s growth trajectory in FY24 underscores the increasing importance of supply-chain financing in India’s SME ecosystem. With a robust financial performance and fresh capital, the Mumbai-based firm is well-positioned to scale its solutions and strengthen its foothold in the market.
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