Led · Debt Financing · Aug 2026

Mintoak offers a white-label payments and engagement operating system that enables banks to convert payment transactions into customer engagement and recurring revenue opportunities. The company partners with more than 50 banks across over 20 countries, including HDFC Bank, Axis Bank, SBI Payments, Emirates Islamic, and Absa Bank. Following its acquisition of ICC Loyalty, the combined platform serves over 5 million merchants and 11 million customers and processes more than $93 billion in annual payment volume. The integration aims to combine payments, merchant engagement, loyalty programs, and customer engagement into a single suite, expanding Mintoak’s product portfolio and international reach. Mintoak is backed by PayPal Ventures, and the company expects the combined business to generate over $30 million in annual revenue while maintaining an EBITDA margin above 30%.

Led · Debt Financing · Jun 2026

Celebal Technologies, founded in 2016 and headquartered in Jaipur, provides data engineering, AI, and enterprise cloud solutions to global clients. It offers services spanning Data Engineering, Generative AI, Machine Learning, Data Science, industry data models, infrastructure and data warehouse migration, SAP extensions, app modernization, and enterprise cloud integration. The company has a global footprint across AMER, Europe, the Middle East, and APAC and counts strategic partnerships with Microsoft, Databricks, AWS, SAP, and Sigma. Celebal reports a workforce of over 3,000 professionals, including more than 1,500 Databricks certifications. Financially, the company has delivered strong growth with a reported revenue CAGR of ~81% from FY21 to FY26 and has recently improved profitability. The firm has demonstrated disciplined capital management, including repayment of prior debt, and has taken new debt to maintain a liquidity buffer for scaling operations.

Led · Debt Financing · May 2026

Founded in 2019, GIVA began as an affordable jewelry brand and has expanded its portfolio to include gold jewelry and lab-grown diamonds. It operates around 210 physical stores across 25 cities in India alongside its website and app, growing through a franchise-led model and targeting more than 300 outlets by FY26. The company has raised over $158 million to date, including a recent Series C extension led by HPV CC1 Ltd. For the fiscal year ending March 2025, GIVA reported operating revenue of Rs 518 crore, an 89% year-on-year increase, while its losses rose 22% to Rs 72 crore. GIVA competes with both large organized jewellery players and newer lab-grown and direct-to-consumer brands in India. The firm is using external capital (equity and debt historically, and this new debt round) to fund store expansion and working capital needs.

Led · Equity · Apr 2026

Founded in 2022 and based in Bengaluru, Zanskar Technology operates Nubra, a platform that provides low-latency, institutional-grade execution and brokerage services. Its stack is fully in-house, including proprietary OMS and RMS systems, exchange co-located infrastructure, and low-latency execution algorithms. Nubra serves institutional clients such as AMCs, PMS/AIF funds, VC/PE firms, family offices, and proprietary trading desks, and acts as an authorised market maker for several ETF products. The company has also built a retail-facing platform that has onboarded over 25,000 demat accounts. Zanskar is building infrastructure for market-making in international markets and reported onboarding multiple institutional clients within six months of launch.

Participated · Debt Financing · Mar 2026

Founded in 2015 by Shan Kadavil and Matthew Joseph, FreshToHome operates a meat and seafood delivery business across roughly 160 cities in India and has operations in key UAE markets. The company expanded into quick commerce in February last year, offering deliveries within 10–15 minutes in some areas. FreshToHome has raised over $320 million in equity to date and last completed a $104 million Series D round in February prior to these recent debt raises. In FY25 the firm reported revenue from operations of Rs 421.33 crore, a 14% year-on-year increase, while losses remained largely flat at Rs 146.32 crore. The recent financings (debt and a small OCRPS component) are intended to support working capital, growth, expansion, marketing, and general corporate purposes. The company has used successive rounds of capital to scale operations and enter new service segments such as quick commerce.