HDFC Bank acquires 7.75% stake in fintech start-up Mintoak
December 14, 2022
The bank said in a regulatory filing that it has executed agreements on December 13 to subscribe to 21,471 fully paid up Compulsory Convertible Preference Shares (CCPS) of face value of ₹20 each at a premium of ₹9,711 for an aggregate consideration of ₹9,731 per CCPS to be issued by Mintoak.
The transaction will provide HDFC Bank with a 7.75 per cent stake in the company.
“Financial investment in a growing fintech startup offering payments and value-added services to merchants and enhancing acquirers’ digital engagement with merchants,” stated the bank citing the objective of investing in the start-up.
Mintoak is a fintech start-up that provides a payments-led platform offering value-added services to merchants to engage with their customers and for acquirers to enhance their engagement with merchants through digital engagements. For the financial year ending March 31, 2022, Mintoak had a turnover of ₹11.28 crore and a net profit of ₹1.47 crore.