Mintoak Raises Rs 80 Crore for ICC Loyalty Acquisition

Merchant SaaS platform Mintoak is planning to secure Rs 80 crore in debt from BlackSoil to support its acquisition of the Dubai-based customer loyalty management platform, Innovative Consumer Concepts (ICC Loyalty). This marks the second acquisition for the Mumbai-based company within the last year. Mintoak’s board has approved a resolution to issue up to 1,600 Non-Convertible Debentures (NCDs) valued at Rs 5 lakh each to raise the required funds, as indicated in its filing with the Registrar of Companies.

About ICC Loyalty

Innovative Consumer Concepts (ICC Loyalty) operates as a fintech platform under ICC Fintech, based in Dubai. The platform is dedicated to creating digital loyalty and rewards solutions for brands and financial institutions, allowing them to implement loyalty programmes, manage rewards, cashback, gift cards, and digital banking functionalities.

Mintoak’s Recent Financing Activities

Queries directed to Mintoak did not receive an immediate response. Notably, the company had recently acquired Rs 53.3 crore (approximately $6 million) in its ongoing Series A funding round from current investors, PayPal and Pravega Ventures, with a post-money valuation reaching Rs 2,500 crore (around $280 million).

Company Background

Founded by Raman Khanduja, Rama Tadepalli, and Sanjay Nazareth, Mintoak’s product portfolio features an array of SaaS solutions aimed at bridging the gap between banks and merchant acquirers, specifically targeting small and medium enterprises (SMEs) to enhance the cross-selling of financial products.

Financial Performance

In FY25, Mintoak reported an operating revenue increase of 27.9% year-on-year, rising to Rs 92.85 crore from Rs 72.59 crore in FY24. During the same fiscal period, its net profit surged by 56% to Rs 35.58 crore, a significant rise compared to Rs 22.76 crore in FY24.

Previous Acquisition

In March 2025, Mintoak completed the acquisition of fintech startup Digiledge, which focuses on bill payments and Central Bank Digital Currency (CBDC) solutions, although the financial details of this deal were not disclosed.