Exclusive: Mintoak Set to Raise Fresh Funding at Rs 2,500 Crore Valuation
Merchant SaaS platform Mintoak is gearing up for another important milestone in its growth journey. The fintech company is set to raise Rs 53.3 crore (around $6 million) in fresh funding as part of its ongoing Series A round, according to regulatory filings.
The funding round is being backed entirely by existing investors PayPal Ventures and Pravega Ventures, underlining continued confidence in Mintoak’s business model, financial performance, and long-term growth potential. The latest infusion values the company at an estimated Rs 2,500 crore ($280 million) on a post-money basis.
This round comes shortly after Mintoak completed an $8 million secondary transaction earlier this year, making 2025 a particularly active year for the company on the capital front.
Details of the Latest Funding Round
Board Approves Series A2 Share Issuance
According to filings with the Registrar of Companies, Mintoak’s board has approved the issuance of 21,422 Series A2 preference shares at a price of Rs 24,879 per share. This issuance will raise a total of Rs 53.30 crore.
The round is structured as a continuation of Mintoak’s Series A funding, allowing existing investors to increase their exposure without bringing in new institutional backers at this stage.
PayPal and Pravega Increase Their Bets
Existing Investors Lead the Round
PayPal Ventures will lead the fresh infusion, investing Rs 35.53 crore, which is approximately $4 million. Pravega Ventures will contribute Rs 17.76 crore, or about $2 million, further increasing its stake in the company.
Following the allotment of the new shares:
- PayPal Ventures will hold a 9.02% stake in Mintoak
- Pravega Ventures will own approximately 18.3% of the company
The continued participation of both investors signals strong belief in Mintoak’s execution and growth trajectory, especially at a time when funding for startups has become more selective.
Valuation Touches Rs 2,500 Crore
Strong Confidence in the Business
Based on estimates, the latest funding values Mintoak at around Rs 2,500 crore on a post-money basis. This valuation reflects not just revenue growth, but also the company’s rare profitability among SaaS fintech startups.
In an environment where many startups are prioritizing cost-cutting and survival, Mintoak’s ability to raise fresh capital at a healthy valuation stands out.
How the Funds Will Be Used
Expansion and Strategic Growth
The company plans to use the fresh capital to support its expansion plans and meet ongoing funding requirements. While specific details have not been disclosed, the funds are expected to go toward:
- Scaling operations with banking and merchant-acquiring partners
- Enhancing product capabilities
- Expanding into new markets and use cases
- Supporting post-acquisition integration efforts
The funding will also provide Mintoak with additional flexibility to pursue strategic opportunities in the rapidly evolving fintech ecosystem.
A Look at Mintoak’s Funding History
Over $30 Million Raised to Date
According to startup data intelligence platform TheKredible, Mintoak has raised more than $30 million in funding so far.
Key fundraising milestones include:
- A $20 million Series A round in February 2023 led by PayPal
- An $8 million secondary transaction completed in January 2025
- The current Rs 53.3 crore primary funding round
This steady flow of capital highlights sustained investor interest over multiple years, even as the broader funding climate has fluctuated.
What Mintoak Does
SaaS Products for Banks and SMEs
Founded by Raman Khanduja, Rama Tadepalli, and Sanjay Nazareth, Mintoak operates at the intersection of banking, fintech, and merchant services.
The company offers a suite of SaaS products designed to help banks and merchant acquirers:
- Connect more deeply with small and medium enterprises
- Improve merchant engagement and retention
- Cross-sell financial products such as loans, insurance, and payments solutions
By positioning itself as a technology partner rather than a direct-to-merchant app, Mintoak plays a crucial role in strengthening the relationship between banks and their SME customers.
Strong Financial Performance in FY25
Revenue and Profit Both on the Rise
Mintoak’s financial performance has been a key driver of investor confidence. For the fiscal year ended March 2025, the company reported solid growth across both revenue and profitability.
Revenue from operations grew 27.9% year-on-year to Rs 92.85 crore in FY25, compared to Rs 72.59 crore in FY24.
Even more notably, Mintoak reported a 56% jump in net profit, which rose to Rs 35.58 crore from Rs 22.76 crore in the previous fiscal year.
In a startup ecosystem where profitability is still relatively rare, these numbers significantly strengthen Mintoak’s positioning.
Profitability Sets Mintoak Apart
A Rare Feat in Fintech SaaS
Many fintech and SaaS startups focus on growth first and defer profitability to later stages. Mintoak, however, has managed to balance expansion with financial discipline.
This combination of steady revenue growth and rising profits makes the company attractive to both existing investors and potential future backers, especially in a market where capital efficiency has become a top priority.
Strategic Acquisition Strengthens the Platform
Digiledge Deal Expands Capabilities
Shortly after completing the secondary funding transaction, Mintoak acquired fintech startup Digiledge. While the value of the deal was not disclosed, the acquisition is strategically significant.
Digiledge specializes in:
- Bill payment solutions
- Central Bank Digital Currency (CBDC) technology
By bringing Digiledge into the fold, Mintoak aims to help banks and merchant acquirers:
- Deepen merchant engagement
- Improve customer retention
- Unlock new revenue streams
The acquisition aligns closely with Mintoak’s broader strategy of offering end-to-end solutions that go beyond basic payments.
Why This Deal Matters
A Signal of Market Confidence
Mintoak’s latest funding round sends a strong signal at a time when many startups are struggling to raise capital. Key takeaways include:
- Existing investors are doubling down rather than exiting
- The company is raising funds at a strong valuation
- Profitability adds credibility and reduces downside risk
- Strategic acquisitions point to long-term vision
Together, these factors position Mintoak as one of the more stable and promising players in India’s merchant fintech space.
What Lies Ahead for Mintoak
Growth With Discipline
As Mintoak moves forward, the focus is likely to remain on:
- Expanding partnerships with banks and acquirers
- Leveraging technology to drive higher merchant lifetime value
- Scaling new offerings such as CBDC and bill payments
- Maintaining profitability while growing revenue
If the company can continue executing on these fronts, it may be well-positioned for larger funding rounds or strategic exits in the future.
Final Thoughts
Mintoak’s fresh funding round is more than just another capital raise. It reflects strong investor confidence, a profitable business model, and a clear strategic direction in a competitive fintech landscape.
With a Rs 2,500 crore valuation, rising profits, and deep ties to major players like PayPal, Mintoak is emerging as a standout example of how SaaS fintech companies can grow sustainably in India.
As the company builds on its momentum, it will be closely watched by investors, banks, and the broader startup ecosystem alike.
