A merchant SaaS platform - Mintoak - catering to banks and merchants has received INR 71 crore which comes to about USD 8.2 million in a secondary funding round. This funding round was led by Z3Partners.
Z3Partners will acquire a minority stake from some of Mintoak’s early institutional investors as part of this transaction. Having said that, the company has not disclosed the names of the investors involved in the secondary transaction. The Mumbai-based startup raised USD 20 million in its Series A funding round led by PayPal Ventures and others in February 2023, last year.
Previously - in December 2022 - HDFC Bank had also acquired a minority stake in the Mumbai-based fintech startup Mintoak for a cash consideration of USD 3.7 million. Going forward, it then increased its stake from 5.20 percent to 7.75 percent. Currently, the Mumbai-based firm has raised INR 192 crore which is about USD 25 million to date.
If we speak of the company, it was established by Raman Khanduja, Rama Tadepalli, and Sanjay Nazareth, wherein, the company’s product portfolio include a range of SaaS offerings that is focused on aiding banks and merchants acquirers connect with their small and medium enterprise (SME) customers and help in steering the cross-sell of financial products.
This seven-year-old firm claims to serve over 1.5 million merchants across leading banks which include HDFC Bank, SBI, and YES Bank in India. Furthermore, it also serves international clients in markets such as Africa and the Middle East.
Also to note, the startup enables merchant acquirers to deploy and up-scale their SME base through payments, cross-selling, service, and gamified loyalty campaigns. The company has also claimed that it has empowered 3 million merchants across six countries across South Asia, Africa, and the Middle East regions.
According to a credible startup data intelligence platform, Mintoak registered INR 72.59 crore in revenue from operations in FY24.
While speaking of Z3Partners, it invests in high-growth, tech-driven companies PAN India, with a focus on sectors such as consumer tech, healthtech, fintech, SaaS, and tech-enabled businesses. Currently, the firm’s portfolio includes companies such as DealShare, Shipsy, Altum Credo, Bhanzu, TrueFan, to name a few. Also, some of its prior investments have been Bigbasket, OfBusiness, among others.
