Mintoak Secures Rs 71 Crore in Additional Funding Round
Mintoak, a merchant SaaS platform designed for banks and merchant acquirers, has successfully raised Rs 71 crore (approximately $8.2 million) in a secondary funding round led by Z3Partners. This investment will see Z3Partners acquire a minority stake from several of Mintoak’s initial institutional investors. The specific identities of these investors have not been publicly disclosed.
Earlier in February 2023, the Mumbai-based startup received $20 million in its Series A funding round, which was led by PayPal Ventures among other contributors. Furthermore, in December 2022, HDFC Bank purchased a minority stake in Mintoak for $3.7 million, subsequently increasing its share to 7.75% from the previous 5.20%.
To date, Mintoak has raised a total of Rs 192 crore (close to $25 million).
About Mintoak
Founded by Raman Khanduja, Rama Tadepalli, and Sanjay Nazareth, Mintoak offers a diverse range of SaaS products that empower banks and merchant acquirers to connect with small and medium enterprises (SMEs) and enhance the cross-selling of financial products.
This seven-year-old company claims to support over 1.5 million merchants through partnerships with prominent banks such as HDFC Bank, SBI, and YES Bank in India, as well as in international regions like Africa and the Middle East.
Mintoak enables merchant acquirers to swiftly deploy and expand their SME base through:
- Payments
- Cross-selling
- Service enhancement
- Gamified loyalty campaigns
The startup asserts that it has empowered 3 million merchants across six countries in South Asia, Africa, and the Middle East.
Financial Performance
According to data from startup intelligence platforms, Mintoak recorded Rs 72.59 crore in operational revenue in FY24, a significant increase from Rs 42.3 crore in FY23. However, during the same period, losses surged to Rs 21.45 crore, doubling the previous figures.
Z3Partners Overview
Z3Partners focuses on investing in high-growth, technology-driven companies across India, specifically targeting sectors such as:
- Consumer technology
- Fintech
- Healthtech
- SaaS
- Tech-enabled businesses
The firm’s portfolio includes notable companies like Altum Credo, Bhanzu, DealShare, Shipsy, and TrueFan. Previous investments encompass leading industry players such as Bigbasket and OfBusiness.