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PayPal Ventures-backed Mintoak secures Rs 71 Cr in secondary funding

EntrackrEntrackr ยท 11m ago
PayPal Ventures-backed Mintoak secures Rs 71 Cr in secondary funding
Medial

PayPal Ventures-backed Mintoak secures Rs 71 Cr in secondary funding Mintoak, a merchant SaaS platform catering to banks and merchant acquirers, has raised Rs 71 crore (around $8.2 million) in a secondary funding round led by Z3Partners. As part of this transaction, Z3Partners will acquire a minority stake from some of Mintoakโ€™s early institutional investors. However, the company did not disclose the names of the investors involved in the secondary transaction. In February 2023, the Mumbai-based startup raised $20 million in its Series A funding round led by PayPal Ventures and others. In December 2022, HDFC Bank acquired a minority stake in the Mumbai-based fintech startup Mintoak for a cash consideration of $3.7 million. It then increased its stake to 7.75% from the current 5.20%. The Mumbai-based firm has raised Rs 192 crore (nearly $25 million) to date. Founded by Raman Khanduja, Rama Tadepalli, and Sanjay Nazareth, the companyโ€™s product suite includes a range of SaaS offerings that help banks and merchant acquirers connect with their small and medium enterprise (SME) customers and drive the cross-sell of financial products. The seven-year-old firm claims to serve over 1.5 million merchants across leading banks, including HDFC Bank, SBI, and YES Bank in India and international markets such as Africa and the Middle East. The startup enables merchant acquirers to deploy and rapidly scale their SME base through payments, cross-selling, service, and gamified loyalty campaigns. Mintoak claims to have empowered 3 million merchants across 6 countries in South Asia, Africa, and the Middle East. According to the startup data intelligence platform TheKredible, Mintoak registered Rs 72.59 crore in revenue from operations in FY24 against Rs 42.3 crore in FY23. During the period, its losses jumped twofold to Rs 21.45 crore. Z3Partners invests in high-growth, tech-driven companies across India, focusing on sectors such as consumer tech, fintech, healthtech, SaaS, and tech-enabled businesses. The firmโ€™s portfolio includes companies like Altum Credo, Bhanzu, DealShare, Shipsy, TrueFan, among others. Some of its prior investments have been Bigbasket, OfBusiness, and others.

Exclusive: Eduvanz secures bridge round at 35% lower valuation

EntrackrEntrackr ยท 10m ago
Exclusive: Eduvanz secures bridge round at 35% lower valuation
Medial

Exclusive: Eduvanz secures bridge round at 35% lower valuation Education loan provider Eduvanz has secured Rs 25.52 crore in a bridge funding round co-led by Juvo Ventures and Capria Fund, with additional participation from Peak XV and Unitus Ventures. Eduvanz's board has approved a special resolution to issue 26,405 preference shares at an issue price of Rs 9,667 each, raising Rs 25.52 crore, according to a regulatory filing accessed from the RoC. Capria Fund and Juvo Ventures contributed Rs 8.65 crore and Rs 8.57 crore, respectively, while Peak XV and Unitus Ventures invested Rs 4.28 crore and Rs 4 crore. According to the filings, the newly raised funds will be utilized for working capital, product development, and marketing initiatives. Entrackr estimates Eduvanz's post-allotment valuation at approximately Rs 551 crore, reflecting a 35% decline from its last extended Series B round, where the company was valued at Rs 850 crore. Eduvanz provides loans to students to finance their school, coaching, and test prep fees. Salaried and self-employed individuals can also seek loans from it to fund their up-skilling expenses. After the bridge round, Peak XV Partners will hold a 31.72% stake in the company, while Juvo Ventures and Capria Fund will own 4.89% and 3.14%, respectively. The new funding is coming after a gap of more than two years for Eduvanz. In December 2022, it scooped up $12.6 million in its extended Series B round from new and existing backers. Entrackr exclusively reported the development. Eduvanz competes with well-funded firms such as Grayquest, Avanse Financial, Financepeer, Propelld, Leap Finance, and Auxilo.

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