Mumbai-based merchant SaaS platform Mintoak is set to raise INR 53.3 crore (~USD 6 million) in fresh capital as part of its ongoing Series A round, marking another milestone in the company’s steady ascent within India’s fintech and digital payments ecosystem. Mintoak Series A round pegs the company’s post-money valuation at roughly INR 2,500 crore, underlining strong investor conviction in its profitable, bank-led SaaS model.
Minoak Series A Funding Details
According to report, Mintoak’s board has approved the issuance of 21,422 Series A2 preference shares at an issue price of INR 24,879 per share. The capital infusion will come entirely from existing backers:
- PayPal Ventures will invest INR 35.53 crore (around USD 4 million).
- Pravega Ventures will contribute INR 17.76 crore (around USD 2 million).
Following the allotment, PayPal Ventures is expected to hold approximately 9.02% of Mintoak, while Pravega Ventures’ stake is expected to rise to around 18.3%. The proceeds are earmarked for expansion initiatives and to meet the company’s ongoing funding requirements as it scales across banking partners and geographies.
A Capital-Rich Cap Table
The latest raise follows a USD 8 million secondary transaction completed in January 2025, in which early investors partially exited. In the same month, Mintoak also saw a separate INR 71 crore secondary transaction led by Z3Partners, which acquired a minority stake from initial shareholders. Cumulatively, Mintoak has raised over USD 30 million to date, including a USD 20 million Series A round in February 2023 led by PayPal.
This mix of primary and secondary capital highlights Mintoak’s maturity as a late-growth SaaS company, offering liquidity to early backers while still attracting fresh capital at rising valuations.
Strong Financial Performance
Unlike most other fintech startups in India that have seen venture capital, Mintoak has already shown it can be a profitable business. Back in FY 2025, Mintoak reported:
- Revenue of INR 92.85 crore, up 27.9% YoY from the INR 72.59 crore from FY24.
- Net profit of INR 35.58 crore, a 56% leap from the INR 22.76 crore it made in FY24.
All of these figures reinforce that Mintoak’s asset-light SaaS model focused on long-term partnerships with banks rather than blowing loads of cash on consumer marketing.
Strategic Push Into CBDC and Bill Payments
A key strategic development this year was Mintoak’s acquisition of Digiledge, a fintech specialising in bill payments and Central Bank Digital Currency (CBDC) solutions. The transaction, valued at approximately USD 3.5 million, is widely regarded as India’s first acquisition in the nascent CBDC space.
The deal positions Mintoak at the centre of India’s evolving digital currency infrastructure, following the Reserve Bank of India’s rollout of the e-rupee pilot in December 2022 and its subsequent expansion to non-bank payment firms.
By integrating Digiledge’s capabilities, Mintoak enables its partner banks—including HDFC Bank, Axis Bank, and SBI—to offer CBDC acceptance, bill payments, and deeper merchant engagement tools to small and medium enterprises (SMEs).
Business Model and Market Positioning
Founded by Raman Khanduja, Rama Tadepalli, and Sanjay Nazareth, Mintoak provides a merchant SaaS platform that powers bank-branded merchant apps. Its solutions help banks and merchant acquirers onboard SMEs, drive transaction volumes, cross-sell financial products, and improve merchant retention through loyalty and engagement features.
This bank-first approach has allowed Mintoak to scale across India, the Middle East, and Africa, while remaining closely aligned with regulatory frameworks and institutional risk appetites—an advantage as India’s payments landscape becomes more regulated and infrastructure-driven.
Outlook
Mintoak is solidifying its status as a reliably profitable fintech company that can stand on its own, rather than a high-spending app that burns money. Its early bet on CBDC enablement is paying off, and the fact that the company’s solid financial track record backs it up – along with continued support from A-list investors – suggests the company is setting up for consistent growth, as banks continue to deepen their online engagement with small businesses.
As India’s payment landscape shifts – from UPI being the dominant player to CBDC experiments getting underway – Mintoak looks like a natural fit to be a key tech partner for banks trying to navigate the next phase of digital transactions.
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