Merchant SaaS platform Mintoak is strengthening its position in India’s fintech ecosystem with a Rs 53.3 crore Series A fundraise, led by existing investors PayPal Ventures and Pravega Ventures. The funding follows an $8 million secondary transaction completed in January, underscoring sustained investor confidence in the company’s merchant-focused SaaS and fintech solutions.
According to regulatory filings with the Registrar of Companies (RoC), Mintoak’s board has approved the issuance of 21,422 Series A2 preference shares at Rs 24,879 per share, raising Rs 53.30 crore. Of this, PayPal Ventures will invest Rs 35.53 crore, while Pravega Ventures will contribute Rs 17.76 crore, increasing its stake in the firm. Post-allotment, PayPal Ventures will hold 9.02%, and Pravega Ventures 18.3% in Mintoak.
Key Highlights
- Merchant SaaS platform Mintoak raises Rs 53.3 crore from PayPal Ventures and Pravega Ventures.
- Mintoak valuation hits Rs 2,500 crore, backed by strong FY25 revenue and profit growth.
- Digiledge acquisition strengthens Mintoak’s fintech SaaS offerings in CBDC and bill payments.
As per Entrackr estimates, the post-money valuation of Mintoak stands at approximately Rs 2,500 crore ($280 million). The company plans to deploy the fresh capital toward business expansion, product scaling, and funding requirements. Data from TheKredible indicates that Mintoak has raised over $30 million to date, including a $20 million Series A round in February 2023, also led by PayPal.
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Founded by Raman Khanduja, Rama Tadepalli, and Sanjay Nazareth, Mintoak offers SaaS products for banks and merchant acquirers, enabling deeper SME engagement, cross-selling of financial products, and improved merchant retention. In FY25, the company reported 27.9% revenue growth to Rs 92.85 crore and a 56% rise in net profit to Rs 35.58 crore. Recently, Mintoak acquired fintech startup Digiledge, enhancing its CBDC and bill payments capabilities, further strengthening its merchant SaaS platform strategy.
