Fintech Startup Mintoak Acquires Digiledge, Striking India’s First e-Rupee Related Deal Worth $ 3.5 Million

Mintoak, a Mumbai-based fintech startup backed by major players such as PayPal and HDFC Bank, has bought Digiledge, a merchant payment services provider to lenders, for about $3.5 million, marking a significant milestone in India's developing digital currency ecosystem. 

This acquisition highlights the quick development of digital financial services in India and is the first major consolidation in the central bank digital currency (CBDC) space. 

Mintoak's Strategic Acquisition of Digiledge

Established as a provider of merchant payment solutions, Mintoak has been instrumental in enabling banks to offer seamless payment services to merchants. The company's clientele includes prominent financial institutions such as HDFC Bank, Axis Bank, and the State Bank of India (SBI). 

Mintoak hopes to improve its digital capabilities by incorporating Digiledge's expertise in CBDC and bill payment services, giving its partner banks and their clients access to more complete payment options.

"By adding Digiledge's bill payments and CBDC capabilities, we are making it easier for merchant acquirers to grow and help more small and medium enterprises access digital tools and financial services," said Mintoak CEO Raman Khanduja.

This strategic move demonstrates not only Mintoak's dedication to innovation but also the ever-changing fintech scene in India, where collaborations and acquisitions are opening the door to a more effective and inclusive digital financial system.

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Evolving Landscape of India's Digital Currency

The Reserve Bank of India (RBI) launched a pilot for the e-rupee, India's CBDC, in December 2022, aiming to provide a digital alternative to physical currency. Initially limited to banks, the pilot expanded in April 2024 to include payment firms, reflecting the RBI's commitment to fostering innovation in the digital payment ecosystem. 

Several fintech platforms have expressed interest in this growth. Cred and MobiKwik were the first to provide users with access to the CBDC in January 2025. Major platforms like Google Pay, PhonePe, and Amazon Pay have since stated their plans to participate in the pilot, indicating a wider trend in the industry towards the use of digital currencies. 

The RBI's exploration of CBDCs is driven by several key motivations, including reducing operational costs associated with physical cash management, enhancing financial inclusion, and bringing resilience, efficiency, and innovation to the payment system.

The e-rupee's launch is also viewed as a deliberate step to reduce the hazards connected with private virtual currencies by offering the general public a safe alternative to cash. 

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