Mintoak Secures INR 71 Cr in 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.
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Merchant SaaS platform Mintoak has raised INR 71 crore (approximately USD 8.2 million) in a secondary funding round led by Z3Partners.
The investment sees Z3Partners acquiring a minority stake from some of Mintoak's early institutional investors, though the specific names of the investors involved in the secondary transaction were not disclosed.
The Mumbai-based startup has raised INR 192 crore (nearly USD 25 million) to date. In February 2023, it secured USD 20 million in a Series A round led by PayPal Ventures. In late 2022, HDFC Bank increased its stake in Mintoak to 7.75%, up from 5.20%, with an investment of USD 3.7 million.
Founded by Raman Khanduja, Kabeer Jain, Rohit Ramana, Rama Tadepalli, and Sanjay Nazareth, Mintoak specialises in SaaS solutions that empower banks and merchant acquirers to engage with small and medium enterprises (SMEs). Its platform enables seamless payment integration, cross-selling, gamified loyalty campaigns, and more.
The platform claims to serve over 3 million merchants across six countries, including India, South Asia, Africa, and the Middle East, driving annual GMV of over USD 50 billion.
Mintoak's CEO Raman Khanduja, said, "This fundraiser is a validation of the value we've delivered to our early backers. We're thrilled to welcome Z3Partners and leverage their expertise to scale further."
Gautam Patel, Founder and Managing Partner of Z3Partners, added, "Mintoak's innovation is redefining SME and bank collaboration globally. We're excited to support their growth and transformative efforts in the merchant-acquirer ecosystem."
Mintoak's client base includes marquee names like HDFC Bank, State Bank of India, YES Bank, and international players such as Absa Bank and Network International. Its modular, API-first infrastructure ensures agility and scalability, making it a preferred partner for financial institutions worldwide.
