HDFC Bank picks 7.75% stake in fintech startup Mintoak
HDFC Bank picks 7.75% stake in fintech start-up Mintoak for Rs 31 crore. Mintoak Innovations Private is a fintech startup founded by Raman Khanduja in 2017. It offers a payments-led platform with many more services for the merchants so that they can connect with their customers.
The acquisition deal was completed by January 31, 2023. India’s largest private sector bank Hdfc will also purchase 10,538 fully paid-up equity shares of Mintoak for a consideration of Rs 9,731 per share from certain existing shareholders of Mintoak as per the sources. HDFC Bank launched its SmartHub Vyapar Merchant app, which was developed along with Mintoak.
The platform currently serves over 500,000 merchants in India and the Middle-East and is already demonstrating consolidation of payments for merchants and enhanced financial access for them including improvement in activation rates and total payment throughput leading to a higher merchant engagement score.
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