Merchant SaaS platform Mintoak raises Rs 71 crore in funding

Mintoak, a Mumbai-based merchant SaaS platform that supports banks and merchant acquirers, has raised Rs 71 crore (about $8.2 million) in a secondary funding round led by Z3Partners.

As part of this deal, Z3Partners has acquired a minority stake from some of Mintoak’s early institutional investors. The company did not reveal the names of those investors, but it previously raised $20 million in a Series A round in February 2023 from backers, including PayPal Ventures.

What does Mintoak do?

Founded in 2017 by entrepreneurs Raman Khanduja, Rama Tadepalli, and Sanjay Nazareth, Mintoak provides software solutions that help banks and merchant acquirers engage with small and medium-sized enterprises (SMEs). Its offerings include services such as digital payments, cross-selling of financial products, and loyalty campaigns. 

The firm counts HDFC Bank, SBI, YES Bank, Axis Bank, and international partners like Absa Bank, Network International, Burgan Bank, and NMB Bank among its clients. In December 2022, HDFC Bank acquired a minority stake in Mintoak for $3.7 million and later increased its holding to 7.75% from 5.20%. Overall, the startup has raised Rs 192 crore (nearly $25 million) so far.

Mintoak's market presence

Mintoak says its platform supports more than 3 million merchants across six countries in South Asia, Africa, and the Middle East, facilitating transactions worth more than $50 billion every year. In India alone, it claims to serve more than 1.5 million merchants through leading banks.

According to startup data intelligence platform TheKredible, Mintoak recorded revenue of Rs 72.59 crore for fiscal year 2024, up from Rs 42.3 crore the previous year, though its losses reportedly doubled to Rs 21.45 crore in the same period.

Purpose of fundraising

With this fresh infusion of funds from Z3Partners, Mintoak aims to further expand its reach, enhance its platform capabilities, and continue innovating to meet the evolving needs of SMEs. 

Gautam Patel, founder and managing partner at Z3Partners, said the investment underscores confidence in Mintoak’s product-led growth and its ability to reshape how banks collaborate with small businesses. Mintoak CEO and co-founder Khanduja noted that Z3Partners’ involvement affirms the startup’s value and will help drive its global ambitions in the years ahead.