Mumbai-based fintech Mintoak, has acquired Digiledge in a $3.5 million deal, marking India’s first e-rupee-related acquisition. This transaction is a milestone in India’s Central Bank Digital Currency (CBDC) sector, reinforcing the adoption of the e-rupee among businesses and merchants.
Key Highlights
Acquisition Details:
- Deal Value: $3.5 million.
- First-ever acquisition in India’s e-rupee ecosystem.
- Aims to accelerate the adoption of Central Bank Digital Currency (CBDC) in India’s digital payment space.
Impact on Digital Payments:
- The deal enables Mintoak’s partner banks (HDFC Bank, Axis Bank, and SBI) to enhance their CBDC-based digital payment solutions for businesses and SMEs.
- Integration of Digiledge’s expertise in CBDC and bill payment services will help Mintoak strengthen its offerings for banks and merchants.
- The acquisition is expected to drive greater merchant and consumer adoption of the e-rupee.
About Mintoak
- Mumbai-based fintech startup specializing in merchant payment solutions for banks and lenders.
- Backed by PayPal and HDFC Bank.
- Helps banks integrate digital payment solutions for businesses and SMEs.
- The acquisition of Digiledge strengthens its position in the emerging CBDC ecosystem.
What is E-Rupee (CBDC)?
E-Rupee (CBDC) is a digital form of India’s fiat currency, issued and regulated by the Reserve Bank of India (RBI).
Key Features:
- Introduced under RBI’s pilot program in December 2022.
- Legal tender backed by RBI under Section 26 of the RBI Act, 1934.
- Available in the same denominations as physical currency.
- Freely convertible against commercial bank money and cash.
- No need for a bank account to hold e-rupees.
- Lower cost of issuance and transactions compared to cash.
Expansion & Adoption:
- Initially restricted to banks, the CBDC pilot expanded in April 2023 to include payment firms.
- In January 2025, fintech firms Cred and MobiKwik became the first platforms to offer customers access to CBDC.
Global Trends in CBDC
- Bahamas: Launched the world’s first nationwide CBDC, “Sand Dollar”, in 2020.
- Nigeria: Rolled out eNaira in 2020.
- China: Became the first major economy to pilot a digital currency, e-CNY, in April 2020.