Supply chain financing platform Mintifi is considering an initial public offering in India, and is in talks with potential bookrunners to gauge market appetite, according to two sources familiar with the situation.

The Mumbai-based company’s IPO is expected to comprise both a primary share issuance and an offer for sale by existing investors, the sources noted.

Details around the exact issue size and timeline are yet to be determined, the sources said. But the first source reckoned the deal size could be about USD 300m.

In December 2024, Mintifi raised USD 180m via a Series E round co-led by the Ontario Teachers’ Pension Plan’s (OTPP) growth equity arm Teachers’ Venture Growth (TVG), and Dutch technology investor Prosus [AMS: PRX]. The round also saw participation from existing investor Premji Invest, per media reports.

The company also counts International Finance Corporation, Lok Capital and Norwest Venture Partners among its backers, according to its website.

For the financial year ended March 2024, Mintifi reported a revenue of INR 3.8bn (USD 43.8m) and a profit after tax (PAT) of INR 925m, versus a topline of INR 2.2bn and a PAT of INR 248m in FY23, according to a December 2024 report by technology-focused media platform Entrackr.

Founded in 2017, Mintifi offers flexible financing options to corporates, distributors and retailers. Its end-to-end electronic invoicing and payment solutions help the supply chain ecosystem to transact digitally, as per its website.

The company works with more than 100 brands in India including Jockey, Tata Motors, Finolex, Prestige, Nippon Paint and Nivea, among others, according to its website.

Mintifi did not respond to requests seeking comment.