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

EntrackrEntrackr · 6m 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 Mintoak’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 company’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 firm’s portfolio includes companies like Altum Credo, Bhanzu, DealShare, Shipsy, TrueFan, among others. Some of its prior investments have been Bigbasket, OfBusiness, and others.

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Related News

Go Zero secures Rs 30 Cr in Series A round

EntrackrEntrackr · 3m ago
Go Zero secures Rs 30 Cr in Series A round
Medial

Snippets Go Zero secures Rs 30 Cr in Series A round Ice cream brand Go Zero has raised Rs 30 crore (around $3.4 million) in its Series A funding round from existing investors DSG Consumer Partners, Saama Capital, and V3 Ventures Ice cream brand Go Zero has raised Rs 30 crore (around $3.4 million) in its Series A funding round from existing investors DSG Consumer Partners, Saama Capital, and V3 Ventures. Subtle participation also came from notable investors Aman Gupta (through Shark Tank India) and Namita Thapar (outside the tank). With this round, Go Zero has raised a total of $6 million to date. Earlier in June 2024, Go Zero raised $1.5 million in its follow-on pre-Series A funding round from DSG Consumer Partners, Saama, and V3 Ventures. The proceeds will be used to fuel supply chain expansion, innovation in product offerings, and brand growth as Go Zero continues its expansion on quick-commerce platforms in tier I and tier II markets. Founded by Kiran Shah, Go Zero has a diversified product portfolio featuring low-calorie, high-protein, and vegan ice creams. The startup claims that all its products are sweetened with plant-based sweeteners, which are low in calories. Since its inception in July 2022, Go Zero claims to have offer 100% sugar-free products with 50% fewer calories than traditional ice creams. The brand has achieved 5X revenue growth in its second year and 3X in the third. Despite January being the off-season for ice cream sales, Go Zero recorded its highest-ever sales in January 2025, crossing Rs 5 crore in revenue. With a strong presence across Mumbai, Delhi, Pune, Bangalore, and Hyderabad, Go Zero is also set to launch new guilt-free formats, including kulfi sticks and cassata. The firm currently operates two manufacturing units in Mumbai and Bangalore. Go Zero competes with Hangyo Ice Cream, Hocco, and NIC. In 2023, NIC raised $11 million in a funding round led by Jungle Ventures, while Hocco also secured $12 million from the Chona family and other investors. Meanwhile, Hangyo Ice Cream secured India's largest venture funding for an ice cream brand, raising $25 million from Faering Capital in August last year.

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