Merchant SaaS platform Mintoak is set to raise ₹53.3 crore (around $6 million) in fresh funding from existing investors PayPal Ventures and Pravega Ventures as part of its ongoing Series A round, valuing the company at approximately ₹2,500 crore ($280 million) on a post money basis.
According to regulatory filings accessed from the Registrar of Companies (RoC), Mintoak’s board has approved the issuance of 21,422 Series A2 preference shares at an issue price of ₹24,879 per share, taking the total fundraise to ₹53.30 crore. As part of the round, PayPal Ventures will invest ₹35.53 crore (about $4 million), while Pravega Ventures will contribute ₹17.76 crore (around $2 million).
The fresh infusion follows an $8 million secondary transaction completed by the company in January this year. As per estimates, the current round will strengthen Mintoak’s balance sheet and support its expansion and growth initiatives.
Founded by Raman Khanduja, Rama Tadepalli and Sanjay Nazareth, Mintoak offers a suite of merchant-focused SaaS products that enable banks and merchant acquirers to engage small and medium enterprises (SMEs), drive digital adoption, and cross-sell financial products.
Mintoak has raised over $30 million to date, including a $20 million Series A round in February 2023 led by PayPal. Post the latest allotment, PayPal Ventures will hold 9.02% stake in the company, while Pravega Ventures’ holding will increase to 18.3%.
For the financial year ended March 2025, Mintoak reported 27.9% year-on-year growth in operating revenue to ₹92.85 crore, while net profit surged 56% to ₹35.58 crore, reflecting improving operating leverage.
Earlier this year, Mintoak also acquired fintech startup Digiledge, which focuses on bill payments and CBDC solutions, strengthening its strategy to deepen merchant engagement and unlock new revenue streams.
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