Mintoak Closes INR 71 Cr Secondary Deal From Z3Partners

SaaS platform Mintoak has secured INR 71 Cr (around $8.2 Mn) in a secondary funding round.

The round saw early-growth technology investor Z3Partners buying a stake from the Mumbai-based company’s initial backers HDFC Bank and Pravega Ventures.

In 2022, HDFC acquired a 7.75% stake in Mintoak in an all-cash deal valued at $3.7 Mn while Pravega invested in the startup back in 2020.

“This fundraiser is a good validation of the value we have delivered to some of our early backers,” said Raman Khanduja, cofounder and CEO of Mintoak.

“We’re thrilled to support Mintoak’s global ambition and transformative efforts in the merchant-acquirer ecosystem. Z3Partners is proud to contribute to their continued success,” added Gautam Patel, founder and managing partner at Z3Partners.

Founded in 2017 by Khanduja, Rama Tadepalli and  Sanjay Nazareth, Mintoak connects commercial banks with small and medium enterprises by enabling merchants to accept all types of payment forms.

The company acts as a bridge between banks and SMEs via digital engagement and value-added services. It claims to have more than 3 Mn merchants,  3 Bn annual transactions and $50 Bn annual gross merchandise value (GMV).

Back in 2023, Mintoak raised $20 Mn in a Series A funding round led by PayPal Ventures along with its existing investors.

As per Inc42’s Annual Funding Report, 2024, funding in fintech ventures stood at $2.5 Bn in 2024 compared to $3.1 Bn in 2023. Last year turned out to be the third consecutive year of funding decline for the fintech ecosystem.

The India fintech market is expected to reach $550 Bn by 2030 at a CAGR of 30.55% between 2025-2030.