Mintoak Raises Funds: Merchant SaaS Platform Secures Rs 53.3 Crore

Mintoak, a leading merchant SaaS platform, is prepared to secure Rs 53.3 crore (approximately $6 million) in its ongoing Series A funding round, backed by its current investors, PayPal and Pravega Ventures. This follows an $8 million secondary transaction successfully completed in January of this year.

Recently, the board of Mintoak has sanctioned the issuance of 21,422 Series A2 preference shares at a price of Rs 24,879 each, aggregating a total of Rs 53.30 crore, as per documents submitted to the Registrar of Companies (RoC). PayPal Ventures is set to invest Rs 35.53 crore (about $4 million), with Pravega Ventures contributing Rs 17.76 crore ($2 million) to strengthen its position in the company.

Startup Superb estimates that Mintoak will achieve a valuation of approximately Rs 2,500 crore ($280 million) on a post-money basis. The newly acquired funds will be allocated to facilitate expansion plans and fulfil the company’s financial commitments.

According to various sources within the startup data intelligence space, Mintoak has successfully raised over $30 million to date, which includes a $20 million Series A round led by PayPal in February 2023. After this latest fund allocation, PayPal Ventures will possess a 9.02% stake in Mintoak, while Pravega Ventures will hold an 18.3% stake.

Founded by Raman Khanduja, Rama Tadepalli, and Sanjay Nazareth, Mintoak’s product portfolio includes various SaaS solutions designed to assist banks and merchant acquirers in connecting with their small and medium enterprise (SME) clientele, while also boosting the cross-selling of financial products.

Financial Growth and Revenue Increase

For the fiscal year ending March 2025, Mintoak reported a 27.9% year-on-year growth in revenue from operations, amounting to Rs 92.85 crore, up from Rs 72.59 crore in FY24. Additionally, the fintech company experienced a 56% increase in net profit, reaching Rs 35.58 crore for the year, compared to Rs 22.76 crore in FY24.

Strategic Acquisition of Digiledge

Following the secondary fundraising, Mintoak made a strategic acquisition of fintech startup Digiledge, which centres its focus on bill payments and Central Bank Digital Currency (CBDC) solutions. The terms of the acquisition value were not disclosed. This acquisition supports Mintoak’s strategy of enhancing merchant engagement for banks and acquirers, improving retention, and uncovering new revenue avenues.