Indian SaaS platform Mintoak and automation startups Intangles and Scrut Automation have raised funding.
Mintoak raises $20m from PayPal
SaaS platform Mintoak on Tuesday said it has raised $20 million in a Series A funding round led by PayPal Ventures.
The round also saw participation from British International Investment and existing investors HDFC Bank and Pravega Ventures. Other institutional investors, including White Whale Venture Fund, also joined the round.
Mintoak said it plans to deploy the raised capital to ramp up its tech stack and double down on the existing product portfolio. It will focus on strengthening its existing presence in India while expanding into new markets including the Middle East, Africa and Southeast Asia.
The Mintoak platform currently serves over 1.5 million merchants across leading banks in India including HDFC Bank, SBI, and YES Bank.
Intangles raises $10m
Intangles Lab on Tuesday said it has raised $10 million in Series A funding from Baring Private Equity Partners India.
Founded in 2016, Intangles said it has developed substantial in-house IP to provide predictive vehicle health monitoring solutions to OEMs and fleet operators.
The company said the proceeds will be used to serve new customers, expand its global presence and accelerate hiring to strengthen its product engineering, sales and delivery teams.
Scrut Automation snags $7.5m
IT startup Scrut Automation said it has raised $7.5 million in a funding round led by MassMutual Ventures.
Existing investors Lightspeed and Endiya Partners participated in the round.
The firm will use the fresh capital to further develop its product and expand its presence across existing territories. Scrut Automation works with firms in India, Singapore, and the US.
Scrut Automation CEO and co-founder Aayush Ghosh Choudhury told PTI that the fresh funding was at a 4x higher valuation compared to the previous round last year when the company raised $3 million.